Category Archives: Ethereum
SEC approves Grayscale, Proshares spot Ethereum ETFs for trading on NYSE Arca – Cointelegraph
The United States Securities and Exchange Commission (SEC) approved two spot Ethereum exchange-traded funds (ETFs) Grayscale Ethereum Mini Trust and ProShares Ethereum ETF for listing on the New York Stock Exchanges (NYSEs) Arca electronic trading platform, according to a July 17filing.
The approval of the so-called Form 19b-4 filing authorizes NYSE to facilitate trading of the funds. However, the issuers must still stand by for final comments on the ETFs respective S-1 filings before the spot products can actually commence with listing.
Grayscale is excited to share that the [SEC] has approved Grayscale Ethereum Mini Trusts (proposed ticker: ETH) Form 19b-4, a Grayscale spokesperson said in a statement. The Grayscale team continues to engage constructively with SEC staff, as we seek full regulatory approval for US spot Ethereum ETPs.
Grayscale Ethereum Mini Trust is one of two spot Ethereum ETFs that the crypto investment manager is preparing to list. In May, Grayscale received SEC approval after filing a Form 19b-4 to convert its legacy spot ETH fund, Grayscale Ethereum Trust (ETHE), into an exchange traded fund.
On July 17, Grayscale announced plans to distribute shares of the new Mini Trust to holders of the ETHE fund. The Grayscale Ethereum Trust was first launched in 2017 and was among the first institutional investment vehicles for spot Ethereum.
The SEC reportedly gave preliminary approval to at least three issuers to begin listing spot Ether ETFs as soon as July 23. A total of eight spot Ether ETFs are awaiting a final regulatory greenlight after weeks of back-and-forth dialogues with the SEC and multiple amendments to the funds' S-1 filings.
Related: 21Shares Ether ETF to waive fees for up to 6 months
The ProShares Ethereum ETF has been a relative latecomer in the race, filing its Form 19b-4 roughly three weeks after its peers had already received approval. The ProShares fund is not among the eight expected to list next week.
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SEC approves Grayscale, Proshares spot Ethereum ETFs for trading on NYSE Arca - Cointelegraph
Grayscale Ethereum ETF to Charge A Hefty 2.5% Fees, Another Blunder in Making? – CoinGape
BlackRock, Franklin, Bitwise, Invesco, Grayscale, Fidelity File Updated Spot Ethereum ETF S-1
BlackRock, Franklin, Bitwise, Invesco, Grayscale, and Fidelity have filed amended S-1 forms for their Spot Ethereum ETFs, paving the way for a possible listing next week. This is a major
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Grayscale Ethereum ETF to Charge A Hefty 2.5% Fees, Another Blunder in Making? - CoinGape
Ethereum ETFs to launch July 23, Bloomberg analyst says – Crypto Briefing
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The starting date for spot Ethereum exchange-traded fund (ETF) trading in the US is July 23rd, according to Bloomberg ETF analyst Eric Balchunas. He shared on X that the SEC is answering issuers today, asking them to return their final S-1 forms on Wednesday, July 17th.
And then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last min issues of course, he added.
The Ethereum ETF issuers filed their S-1 forms on July 8th but most of them left the fees out of their forms. According to Balchunas, this is likely a strategy from the asset managers to check how competitive the funds fees are, especially BlackRocks.
Notably, the S-1 form is an initial registration required by the US Securities and Exchange Commission (SEC) before a security can be publicly traded.
As highlighted by Balchunas fellow ETF analyst James Seyffart, this could mean that the Ethereum ETFs will start trading the same week as the Bitcoin Conference, set to happen in Nashville.
The launch of the spot Ethereum ETFs is a key step for crypto adoption by mainstream investors, as it solidifies the altcoin as a sound asset among institutional investors. An estimate by Bitwise CIO predicts that these investment instruments will capture $15 billion in inflows until the end of 2025, as reported by Crypto Briefing.
Moreover, the Ethereum ETFs open the door for the approval of exchange-traded funds indexed to other crypto. VanEck and 21Shares both filed their form for the approval of the first spot Solana ETFs in the US on the last week of June.
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Ethereum ETFs to launch July 23, Bloomberg analyst says - Crypto Briefing
Ethereum Foundation Deposits $12M+ ETH to Kraken as Market Rebounds – The Crypto Basic
Ethereum Foundation wallets have transferred 3,631 ETH worth $12.5 million to Kraken as the market witnesses a rebound.
In a notable move during the recent market rebound, two Ethereum Foundation and ICO-related wallets transferred 3,631 ETH, valued at $12.5 million, to the Kraken exchange over the past two days.
One wallet offloaded 2,631 ETH, equivalent to $9.01 million. This wallet received its ETH from both the Ethereum Foundation and an ICO participant. Since June 8, it has deposited a substantial 17,886 ETH, worth $65 million, to centralized exchanges.
Another wallet transferred 1,000 ETH, valued at $3.46 million, to Kraken. This ETH originated from an ICO participant who received 100,000 ETH at the Ethereum genesis in 2015.
Despite these recent transactions, the Ethereum ICO participant still holds a reserve of 49,000 ETH, valued at $171 million, across four different wallets.
Recall in January, the Ethereum Foundation was reported to have sold off 700 ETH through the Cow Protocol. The proceeds, approximately $1.68 million, were converted into DAI.
While the monetary equivalent seemed small, these sell-offs, coupled with bearish market sentiment, have contributed to a gradual downward pressure on Ethereums price. The digital currency experienced a 4.09% drop in the past 24 hours, bringing its seven-day cumulative loss to 6.72%.
The foundations recent transactions were executed through a specific wallet address. The Ethereum was sold at an average price of $2,406 across three sessions of 200 ETH transfers each, with an additional 100 ETH transfer completing the latest moves.
Additionally, in February, Ethereum Foundation transferred $13.3 million worth of ETH to Kraken. This move came as Ethereums price surged above $3,300, buoyed by Jim Cramers endorsement.
The surge allowed Ethereum to reclaim several key price levels, including the significant $3,300 mark. In response, the Ethereum Foundation, which supports the Ethereum ecosystem, moved 4,000 ETH to Kraken following this price increase.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Ethereum Foundation Deposits $12M+ ETH to Kraken as Market Rebounds - The Crypto Basic
Ethereum surges 5% to $3,300 ahead of key ETF decision – Crypto Briefing
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The price of Ethereum has rallied 5% to over $3,300 ahead of the key spot Ethereum exchange-traded fund (ETF) decision, according to data from TradingView.
The US Securities and Exchange Commission (SEC) is expected to greenlight the launch of several spot Ethereum ETFs by the end of this month. While the specific date remains speculative, ETF experts estimate that approval will come the week of July 15.
Nate Geraci, the president of the ETF Store, reiterated his prediction that the SEC will approve the S-1 filings this week after weeks of delays following initial listing acceptance in May. He believes theres no reason for further delay because issuers are ready for launch and recent filings require minimal changes.
Welcome to spot [ETH] ETF approval week. Im calling it. Dont know anything specific, just cant come up [without] good reason for any further delay at this point. Issuers ready for launch, Geraci stated in a Sunday post.
Bloomberg ETF analysts Eric Balchunas and James Seyffart previously predicted the spot Ethereum ETFs could be approved and begin trading as soon as mid-July.
Seyffart noted that Ethereum ETF issuers have been filing their final S-1 registration statements, which is the last regulatory hurdle before approval. Balchunas said the SECs minimal feedback on these latest filings suggests they are close to being satisfied with the applications.
Matt Hougan, the Chief Investment Officer at Bitwise, confirmed that minimal amendments suggest imminent approval.
The approval of a spot Ethereum ETF is anticipated to have a major impact on the Ethereum market and the broader crypto industry. It could drive remarkable inflows of institutional and retail capital into Ethereum, potentially mirroring the success of spot Bitcoin ETFs.
In a recent report, Hougan suggested that spot Ethereum ETFs could attract $15 billion in net inflows by the end of 2025.
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Ethereum surges 5% to $3,300 ahead of key ETF decision - Crypto Briefing
Ethereum ETFs from BlackRock, VanEck, and Franklin Templeton Poised for SEC Approval on Monday – Crypto News Flash
In line with a recent update we covered, Ethereums rapid ascent suggests strong anticipation for a potential Ethereum ETF approval. BlackRock CEO Larry Finks endorsement of an Ethereum ETF highlights its importance in the journey towards tokenization.
Preliminary approval has been deemed for three of the eight asset managers by the SEC, hoping to launch exchange-traded funds tied to the spot price of ether to begin trading next Tuesday. A blockchain expert, Collin Brown, in his tweet today, shared this exciting development, where sources indicate the SEC is poised to approve Ethereum ETFs from BlackRock, VanEck, and Franklin Templeton next week.
In his view, this step could mark a significant milestone for institutional adoption of Ethereum, providing broader access and potentially boosting market liquidity.
According to SEC approval updates shared by Reuters, the approval hinges on applicants submitting final offering documents to regulators before the end of this week, the sources said. One source mentioned that all eight are expected to launch simultaneously.
The three industry sources include BlackRock (BLK.N), VanEck, and Franklin Templeton (BEN.N), among the eight asset managers whose applications are likely to be greenlit by the SEC next Monday afternoon, July 22, with trading in the products expected to begin the next day.
A senior ETF analyst for Bloomberg adds to this development, stating that he believes ETFs are likely to begin trading next Tuesday.
Hearing SEC finally got back to issuers today, asking them to return FINAL S-1s on Wednesday (including fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last-minute issues, of course!
Meanwhile, according to todays CoinMarketCap data, ETH is valued at $3,425.50, with a decrease of 1.67% in the past day and an increase of 11.63% in the past week. See ETH price chart below.
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Why Is The Ethereum Price Up Today? – NewsBTC
Ethereum (ETH) is up in the last 24 hours. This is thanks to a recent development suggesting that the Spot Ethereum ETFs are set to launch anytime soon. These funds are expected to positively impact ETHs price, with the second-largest crypto token poised to reach new highs.
Ethereum experienced a price surge following Bloomberg analyst Eric Balchunas revelation that the Spot Ethereum ETFs could begin trading by July 23. Balchunas mentioned in an X (formerly Twitter) post that the US Securities and Exchange Commission (SEC) has gotten back to the fund issuers and asked them to submit their final S-1 filings by July 22.
The SEC also asked them to request effectiveness on July 22 so they can launch on July 23. Therefore, the Spot Ethereum ETFs should launch by next week, provided there are no unforeseeable last-minute issues, as noted by Balchunas. The launch of the Spot Ethereum ETFs is undoubtedly bullish for ETH, giving the amount of new money set to flow into its ecosystem through these funds.
Crypto research firm K33 predicted that these Spot Ethereum ETFs could attract as much as $4.8 billion in their first five months of trading. In line with this, crypto analysts predict that Ethereum could record massive gains thanks to these inflows. Crypto analyst Linda recently predicted that the crypto token could rise to as high as $4,000 soon enough.
Other analysts, like Altcoin Sherpa, have also predicted that ETHwill hit $4,000 soon. Meanwhile, crypto analyst and trader Tyler Durden has provided a more bullish prediction for ETH, stating that the crypto token will rise to $10,000 just the way the chips have fallen.
The crypto analyst alluded to the Spot Ethereum ETFs as what will spark such a parabolic move for Ethereum. He claimed that institutional investors had put so much effort into ensuring that the Spot Ethereum ETFs were approved and that they would ensure that they made money from these funds while pumping ETHs price.
The Spot Ethereum ETFs launch is also expected to spark massive moves for other altcoins and is likely to kickstart the altcoin season. Crypto analyst Crypto Rover advised market participants to prepare accordingly, boldly asserting that altcoin season will start once the Spot Ethereum ETFs begin trading.
From a technical perspective, crypto analyst Titan of Crypto mentioned that altcoins are ready to make major moves to the upside as Bitcoins dominance drops. Crypto analyst Mikybull Crypto also stated that the macro short-term correction for altcoins is about to end, meaning that the Spot Ethereum ETFs could be the catalyst that sparks a bullish reversal.
At the time of writing, ETH is trading at around $3,300, up in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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