Fintech Nexus Newsletter (May 24, 2024): A SEC approves spot ETH ETFs
It has been the talk of the crypto world all week. SEC watchers noticed early this week that the regulator appeared to be getting ready to approve an ETF for funds holding Ethereum.
Yesterday, it was made official as the SEC approved a rule change that will pave the way for the first ETFs to buy and hold ETH.
This move comes less than six months after the SEC approved spot bitcoin ETFs. That move has been seen as a major success as those funds have collectively seen $12 billion of net inflows.
Many of the same fund companies, such as BlackRock, Bitwise and Galaxy Digital have started the process to launch an ether fund.
As the number two cryptocurrency by market value, around one-third of the total of bitcoin, these funds are expected to draw fewer assets.
The SEC’s order, published yesterday, does not technically approve any of the funds yet, it approves exchanges to list eight different ether funds.
But if the timeline is similar to bitcoin, these new ETFs will start ?trading in a matter of days.
Featured
> SEC Widens Accessibility of Crypto Investing With Approval of ETFs for Ether
The new funds will allow mainstream investors to buy and sell the ETH cryptocurrency as easily as stocks or mutual funds.
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