SEC Approves Grayscale and ProShares Spot Ethereum ETFs for NYSE Arca

YEREVAN (CoinChapter.com) — The United States Securities and Exchange Commission (SEC) has approved two spot Ethereum exchange-traded funds (ETFs) — Grayscale Ethereum Mini Trust and ProShares Ethereum ETF — for listing on the New York Stock Exchange’s Arca trading platform. Based on a July 17 filing, this approval allows NYSE to facilitate the trading of these funds.

Grayscale Announces SEC Approval

Grayscale shared their excitement over the SEC’s approval. A spokesperson said,

“Grayscale is excited to share that the [SEC] has approved Grayscale Ethereum Mini Trust’s (proposed ticker: ETH) Form 19b-4.”

The company continues to work with the SEC for full regulatory approval for US Spot Ethereum ETPs.

Grayscale Ethereum Mini Trust is one of two spot Ethereum ETFs that Grayscale plans to list. This follows Grayscale’s May approval to convert its legacy spot ETH fund, Grayscale Ethereum Trust (ETHE), into an ETF.

On July 17, Grayscale announced plans to distribute shares of the new Mini Trust to holders of the ETHE fund. The Grayscale Ethereum Trust, launched in 2017, was one of the first institutional investment vehicles for spot Ethereum.

SEC’s Preliminary Approval for Multiple Spot Ether ETFs

The SEC has also given preliminary approval to at least three issuers to start listing spot Ether ETFs as soon as July 23. Eight spot Ether ETFs await final regulatory approval after discussions with the SEC and amendments to their S-1 filings.

ProShares filed its Form 19b-4 roughly three weeks after its peers had received approval. The ProShares Ethereum ETF is not among the eight expected to be listed next week.

Next Steps for Grayscale and ProShares ETFs

The Form 19b-4 filing approval allows the NYSE to facilitate the funds’ trading.

Grayscale continues to engage with the SEC to secure full regulatory approval. The approval for the Grayscale Ethereum Mini Trust is a significant step, but the final regulatory signoff on the S-1 filings is still pending.

Although ProShares is a late entrant, it is making progress with its Form 19b-4 filing, which shows its commitment to bringing a spot Ethereum ETF to market.

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