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The U.S. Securities and Exchange Commission (SEC) yesterday approved a rule change that will pave the way for an exchange-traded fund (ETF) for Ethereum, one of the world’s largest crypto assets.
Several financial companies, including BlackRock, Bitwise, and Galaxy Digital, have applied for Ethereum ETFs. According to the order of the U.S. Securities and Exchange Commission, eight different fund listing applications submitted by various exchanges have been approved.
The decision comes six months after the SEC approved a Bitcoin ETF. The SEC also approved a spot Bitcoin ETF in January. Since then, spot Bitcoin ETFs have seen a total of more than $12 billion in net inflows.
Ethereum Latest
Ethereum prices did not rise after the decision was approved.
However, the world’s second-largest crypto asset has risen 27% since the beginning of the week in anticipation of the decision.
This morning, Ethereum is trading at $3,740.
Date not yet known
The SEC order does not set a date for the ETF to begin trading. In addition, a second round of approval is required before the product can be launched on the market.
“This decision doesn’t mean trading will start tomorrow,” said James Seyffart, an ETF analyst at Bloomberg. “It could take weeks or longer,” he said.
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