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SEC approves Ethereum-ETF: Grayscale and ProShares are ready to launch

July, 18 2024
watermark Economic news

U.S. Securities and Exchange Commission (SEC) has allowed trading of Ethereum-based ETFs from Grayscale and ProShares.


NYSE Arca has received permission to list derivatives Grayscale Ethereum Mini Trust and ProShares Ethereum ETF. However, the official start of trading is possible only after the SEC approves the S-1 forms for registration of these Ethereum ETFs. 


Grayscale plans to convert its existing Grayscale Ethereum Trust (ETHE) trust fund into an ETF by issuing shares of the new derivative to the owners of Grayscale Ethereum Mini Trust shares. This will allow the company to reduce the outflow of capital from ETHE, in which about $11 billion has been invested. 


ProShares, which applied for approval of their Ethereum ETF later than Grayscale, probably will not have time to launch trading next week. Analysts doubt this because of the three-week backlog in the application. Nevertheless, the listing of shares of at least three Ethereum ETFs is scheduled for July 23.


Experts expect an increase in the value of Ethereum after the launch of the ETF, predicting a 47% price increase and reaching $5,000 by the end of 2024.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.