The US Securities and Exchange Commission (SEC) recently acknowledged a proposed rule change for ProShares Ethereum ETF and approved Ark Invest’s exit from 21 Shares’ application on June 10.
In the case of ProShares, the SEC’s notice recognized the proposed rule change, but did not officially approve it. The agency has a deadline of 45 days to act on the proposal, with a possible extension of up to 90 days. After this period, the SEC must either approve, disapprove, or further investigate the outcomes of the applications.
There is speculation that ProShares’ launch date may be delayed beyond its competitors’ launch dates, with Bloomberg ETF analyst James Seyffart commenting that the ETF may not launch alongside others on day one.
NYSE Arca is set to list and trade shares of ProShares’ fund once it is approved.
As for 21Shares, the SEC confirmed that the proposed fund could proceed without Ark Invest’s involvement. The agency waived its usual 30-day delay, allowing the change to take effect immediately upon filing. Ark and 21Shares announced their decision to part ways on May 31, with Ark stating they will not move forward with an Ethereum ETF but will remain involved in the spot Bitcoin ETF ARKB.
While the SEC approved rule changes for eight spot ETH ETFs on May 23, the agency has yet to approve applicants’ S-1 registration statements. This means that the spot Ethereum ETFs have not launched for trading, and there is no set launch date as of now. Analysts believe the applications could launch by the end of June, with JP Morgan predicting a possible start by November.
The developments in the ETF space have garnered interest from investors and analysts alike, as the crypto market continues to evolve.
