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SEC Accepts ProShares Spot Ethereum ETF Entry
The US Securities and Exchange Commission (SEC) has acknowledged a proposed rule change for ProShares Ethereum ETF. However, the agency’s notice does not constitute approval of the proposed rule change. The SEC must take action on the proposal within 45 days of its publication, with a possible extension of up to 90 days. During this period, the SEC will either approve, disapprove, or initiate further proceedings to determine the fate of the application.
Should the timeline be extended, ProShares’ launch date might be delayed beyond that of its competitors. Bloomberg ETF analyst James Seyffart has commented on the potential timing, suggesting that the ETF may not launch alongside its peers on day one. The ETF is set to be listed and traded on NYSE Arca.
Ark Invest’s Exit from 21 Shares’ ETF
Additionally, the SEC has approved Ark Invest’s exit from 21 Shares’ proposed fund. The SEC waived its standard 30-day operative delay, allowing the change to take effect immediately upon filing. This decision was based on the belief that the alteration would not significantly impact investor protection or competition.
Ark Invest and 21Shares announced their decision to part ways on May 31. While Ark Invest provided no specific reason for withdrawing from the Ethereum ETF, the firm remains involved in the spot Bitcoin ETF ARKB.
Spot ETH ETFs Still Await Launch
Although the SEC approved 19b-4 rule changes for eight spot Ethereum ETFs on May 23, the agency has not yet approved the applicants’ S-1 registration statements. Consequently, the products have not been launched for trading, and there is no definitive date for the release of the various spot Ethereum ETFs.
Industry experts, such as Bloomberg’s Erich Balchunas, speculate that the spot Ethereum ETFs could launch by the end of June, with a tentative date set around July 4. On the other hand, JP Morgan predicts that the funds will start trading by November.
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