VanEck Submits S1-A Form for Spot Ethereum ETF
Investment asset management firm VanEck has taken a strategic step by submitting its S1-A form for its proposed spot Ethereum ETF. This move was made in anticipation of potential approval from the United States Securities and Exchange Commission (SEC) for the new offering.
Pivot Towards Spot Ethereum ETF
The SEC has several applications for spot Ethereum ETFs on its waiting list. After the success of spot Bitcoin ETFs, traditional investment firms have become interested in Ethereum ETFs. BlackRock also filed an Ethereum ETF application, but a decision was delayed until March 10, 2024. Grayscale Investments’ application and others were similarly delayed by the SEC. The SEC is concerned about Ethereum’s transition to a proof of stake mechanism and the potential for market manipulation and fraud.
Spot ETH ETF Approval Odds
Despite the postponements, experts believe there is a 60% likelihood of spot Ethereum ETFs receiving approval by May. This speculation is based on the 240-day window for the SEC to make decisions on proposals from Ark/21Shares and VanEck ending on May 23. Additionally, SEC commissioner Hester Peirce’s statement gives hope for approval as she acknowledged that the SEC has learned from past mistakes with spot Bitcoin ETFs. The spot Bitcoin ETF market has already seen significant growth with over $10 billion in Assets Under Management (AUM).
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