SEC Likely to Approve Multiple Ether Futures ETFs, Sources Say

The SEC Likely to Approve Multiple Ether Futures ETFs

The United States Securities and Exchange Commission (SEC) is expected to approve multiple applications for Ether futures exchange-traded funds (ETFs) soon, according to the Wall Street Journal. Here are the key points:

– The SEC has received numerous applications for Ether or Bitcoin-Ether futures ETFs since July.
– At least 16 applications are awaiting regulatory approval.
– The SEC has not instructed firms to withdraw their applications, indicating a potential approval.
– Ether is the native coin of the Ethereum blockchain and used for peer-to-peer transactions.
– A crypto futures ETF tracks the performance of futures contracts tied to the price of digital assets.

Valkyrie Leading the Race for Ether Futures ETF

Asset management firm Valkyrie recently filed for an Ether futures ETF, positioning itself as the frontrunner in the race for approval. Here’s what you need to know:

– Valkyrie previously filed an application combining a Bitcoin-Ether futures strategy and has now filed for an Ether futures ETF.
– Being the first to receive approval is crucial in the ETF industry.
– ProShares’ Bitcoin futures ETF, the first to be approved, has gathered $1 billion in assets under management since its launch in October 2021.
– Valkyrie’s similar product, launched a few days later, has amassed nearly $28 million in assets under management.

Spot Bitcoin ETF Decision Still Pending

In addition to Ether futures ETFs, the SEC has yet to decide on a spot Bitcoin ETF. Here’s what you should know:

– Wall Street giants like Fidelity and BlackRock are among the players waiting for approval.
– The SEC has until January to make a final decision on the spot Bitcoin ETF.
– The approval of a spot Bitcoin ETF would provide more accessibility to Bitcoin investments.

Hot Take

The pending approval of multiple Ether futures ETFs indicates a growing acceptance of cryptocurrencies in the financial industry. As more investment firms seek to launch crypto ETFs, we can expect increased interest and investment in digital assets. The SEC’s decision on the spot Bitcoin ETF will also be a significant development that could further legitimize Bitcoin as an investment option.