According to a recent report that claimed its source as industry insiders, the spot ETH ETFs have already received preliminary approval from US authorities to go live.
Sources from the industry have shared details regarding the spot ETH ETFs with a prominent news agency. The agency published a report that notes that the spot ether ETFs may start trading within July 2024. Further, it said US regulators had given approvals to three of the eight asset managers applying for the spot ether ETFs. The report says that these three asset managers may launch their crypto ETFs as soon as July 23.
However, the final approval depends on the applicants furnishing more details within the current week. Another source has reportedly told the news agency that all eight ETFs could start trading together. There was no comment yet from the Securities and Exchange Commission of the US.
The three initial successful applicants could be Franklin Templeton, VanEck, and BlackRock. Their approvals may come in by July 22, and their ETFs could go live the next day. The news of the possible approvals comes as excellent news for the crypto space. The industry saw the passage of several spot Bitcoin ETFs early this year.
With the speculation around the crypto ETFs, ether has also surged in the last 24 hours. The token was trading close to $3,500 in the first half of July 16. It surged by more than 9% in the last week.
The crypto ETFs, as investment vehicles, offer a regulated and accessible way for individuals to gain exposure to the crypto market. Investors don’t have to deal with the complexities of directly owning and managing digital assets.
The emergence of the spot crypto ETFs has ignited a spark of optimism within the crypto sector and signaled a turning point for investor sentiments and mainstream adoption.
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