EddieJayonCrypto

 23 Jul 24

tl;dr

The Securities and Exchange Commission (SEC) has approved nine Spot Ether ETFs for trading, with the anticipated launch on Tuesday. Coinbase sees this as a milestone for expanding the crypto economy. CEO Brian Armstrong reiterated that Ether is not a security. BlackRock's ETF head highlighted the po...

The Securities and Exchange Commission (SEC) has approved nine Spot Ether ETFs for trading, highlighting the exchange-traded funds’ anticipated launch on Tuesday. In an X post, Coinbase hailed the much-awaited ETF launch as a significant milestone that opens up new opportunities for the expansion and diversification of the crypto economy.

Coinbase pointed to the efficiency of the Ethereum ecosystem, which boasts more than 15 million monthly active addresses and 300% growth in smart contracts. While ETH ETFs facilitate access to a differentiated crypto asset, increased acceptance of ETH ETFs could help advance Ether’s utility and contribute to the ecosystem’s overall development. In addition, the Spot Ether ETF launch could boost the growth and innovation of the global crypto market.

Meanwhile, Coinbase CEO Brian Armstrong emphasized another significant aspect of the launch, highlighting, “Ether is not a security.” His X post read: “Another huge step forward for regulatory clarity: ETH is not a security! We’ve been saying it for years and today the SEC finally made it official. Coinbase is proud to be the trusted partner and custodian powering 8 of the 9 newly approved ETH ETFs.”

Subsequent to the ETF launch, Bloomberg’s ETF analyst Eric Balchunas reflected on BlackRock’s ETF Head Jay Jacobs’ insights on the asset manager’s Ether ETF, ETHA. Jacobs’ view was centered around Ether’s utility, in contrast to Bitcoin’s scarcity. He asserted that Ethereum could be seen as a global platform for applications built without decentralized intermediaries. With a collective Asset Under Management (AUM) of over $15 trillion, the ETH ETF issuers are poised to revolutionize the crypto space.

Despite analysts’ predictions of Ether’s surge following the ETF launch, ETH is currently moving on a bearish track, marking a decrease of 1.70% over the last day. The token has experienced slight declines of 0.14% and 1.60% over the last week and month, respectively.

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Emeren Group Ltd develops, builds, operates, and sells solar energy projects. The company is headquartered in Stamford, Connecticut.

Industry: MANUFACTURING, SEMICONDUCTORS & RELATED DEVICES

Market Cap: 104.825M

Dividend Yield: None

EPS: -0.16

Shares Outstanding: 1.918M

Beta: -0.127

Volume: 106.582M

Latest Close: 4.38

Latest Open: 3.42

Latest Change: 0.148

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Company: C3 Ai Inc

Stock Ticker: C3

Sector: Technology

Industry: Services - Prepackaged Software

Market Cap: $3,474,309,000

Dividend Yield: None

EPS: -2.34

PE Ratio: 2.602

ROE: -0.901

Volume: 310,582,000

Stock Price: $29.35

52-Week Range: $0 - $0.196

More about Coinbase Global Inc

Company: Coinbase Global Inc

Description: Coinbase Global, Inc. provides financial infrastructure and technology for the crypto economy. The company is headquartered in Wilmington, Delaware.

Sector: FINANCE

Industry: FINANCE SERVICES

Market Cap: 63,305,232,000

Current Price: $50.45

Dividend Yield: None

P/E Ratio: 5.11

EPS: 15.83

Beta: 0.357

Volume: 3,777,835,000

52-Week Range: $263.42 - $3.27

Price/Sales: 1.156

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