The United States Securities and Exchange Commission (SEC) has added a spot Ether (ETH) exchange-traded fund (ETF) application from asset manager ProShares, approximately three weeks after approving similar filings from eight other asset managers.
ProShares Spot Ether ETF Application
In a June 10 filing, the SEC announced that the New York Stock Exchange (NYSE) Arca proposed a rule change to allow listing and trading shares of the ProShares Ethereum ETF. The SEC is currently soliciting public comments on the application for 21 days following its publication in the Federal Register. The commission has 45 days to either approve, disapprove, or extend the timeline for its decision.
Previous Approvals and Expected Timeline
On May 23, the SEC approved 19b-4 filings from eight asset management firms aiming to list and trade spot Ether ETFs on U.S. exchanges for the first time. These ETFs still require the SEC’s sign-off on S-1 registration statements before they can officially begin trading. Although this process might take months, some experts anticipate completion by July.
ETF analyst James Seyffart commented on the development, saying, “Instinct initially says [the ProShares ETF] won’t launch on day 1 with the other ETFs whenever that is but who knows. This is interesting.”
Also Read: SEC Approves Spot Ether ETF, Marking a Major Milestone for Crypto Industry
ProShares’ History with Crypto ETFs
ProShares was one of the first asset managers to receive SEC approval in October 2023 to list and trade shares of a spot investment vehicle tied to ETH futures. The company also offers a Bitcoin Strategy ETF on NYSE Arca under the ticker BITO.
Uncertain Approval for ProShares Spot Ether ETF
It remains unclear whether the SEC will approve ProShares’ spot Ether ETF offering following its initial consideration. The current filing only indicates that the commission will review the application, leaving the final decision pending.
The SEC’s consideration of ProShares’ spot Ether ETF application marks another significant step in the evolving landscape of cryptocurrency investment vehicles. As the commission continues to evaluate these applications, the potential approval of spot Ether ETFs could further legitimize and expand the accessibility of cryptocurrency investments in the U.S. financial markets.
