Ethereum
VanEck’s Ethereum ETF Listed on DTCC as ETH ETF Approval Looms
Last updated: May 22, 2024, 8:39 a.m. EDT | 2 minutes of reading
VanEck’s Ether spot exchange-traded fund (ETF) is now listed on the Depository Trust and Clearing Corporation (DTCC) under the symbol “ETHV.”
DTCC, a leading U.S. financial markets infrastructure provider, plays a crucial role in clearing, settlement and transaction reporting services, making listing on DTCC an important step toward final Securities approval and Exchange Commission (SEC) of the United States.
However, VanEck’s ETF is currently inactive on the DTCC websitemeaning it cannot be processed until regulatory approvals have been obtained.
VanEck’s spot ethereum ETF has just been listed on the DTCC with the ticker $ETHV
Looks like we might have a $eth etf tomorrow! pic.twitter.com/j14kgqQ5jM
– Layah Heilpern (@LayahHeilpern) May 22, 2024
More Ether ETFs Listed on DTCC
It should be noted that this is not the first Ether ETF listed by the DTCC.
Franklin Templeton’s ETH spot ETF was listed on the platform a month earlier.
The list of ETFs on DTCC includes both active ETFs that can be traded and ETFs that are not yet active and therefore cannot be traded.
Recent reports suggest that SEC officials have contacted Nasdaq, the Chicago Board Options Exchange and the New York Stock Exchange to update and modify existing spot Ether ETF applications.
The SEC’s change in stance over the past week is believed to be influenced by political factors, with cryptocurrency winning the political battle in recent months.
Speculation suggests that former President Donald Trump’s endorsement of cryptocurrency may have forced the Biden administration to reevaluate its policies.
The final deadline for the SEC’s decision on VanEck’s Spot Ether ETF application is May 23.
After months of speculation regarding possible ETH spot ETF rejections, the The SEC recently took action by requiring financial managers to amend and refile their 19b-4 filings for the proposed Spot Ether ETFs.
The move was seen by some analysts as a positive sign, with Bloomberg ETF senior analyst Eric Balchunas increasing the probability of approval to 75%, up from a previous estimate of 25%.
The SEC faces final deadlines to make decisions on VanEck and ARK’s Ethereum ETF spot applications, May 23 and 24, respectively.
A little word, @EricBalchunas and increased chance to 75% for the spot #Ethereum ETF Approvals. But that’s for the deadline of May 23, 19b-4 (@vaneck_us(deadline) We also require S-1 approvals. It could take weeks, if not months, before we see S-1 approvals and therefore a live Eth ETF h/t @NateGeraci
–James Seyffart (@JSeyff) May 20, 2024
Fidelity Files Amended S-1 Filing with SEC
As noted, Fidelity filed an amended S-1 request to the SEC for its spot Ether ETF yesterday.
The updated application clarifies that the ETF’s underlying Ether tokens will not be staked.
S-1 filings are mandatory registration forms required by the SEC for launching publicly traded securities products in the United States.
Speculation around the approval of spot Ether ETFs also gave a boost to spot Bitcoin ETFs, which saw an uptick in inflows on Tuesday.
As noted, BlackRock’s iShares Bitcoin Trust (IBIT) has witnessed a significant influx of $290 million on May 21, marking a reversal of the trend of zero or minimal entries observed over the past six weeks.
The recent inflow of funds into the BlackRock ETF represents the highest level since April 5, eclipsing the cumulative inflows seen over the past 21 trading days.
On May 21, BTC hit a six-week high of $71,600, but then fell below the $70,000 level in early trading on May 22, currently trading at $69,444 at the time of writing .