NYSE Clears the Listing of Bitwise and Grayscale’s Spot Ether ETF

According to a July 22 filing with the U.S. Securities and Exchange Commission (SEC), the New York Stock Exchange Arca (NYSE Arca) has certified its approval to list and trade spot Ethereum exchange-traded funds (ETFs) from prominent firms Grayscale and Bitwise.

In the document, NYSE Arca stated that its listing and registration of Grayscale Ethereum Trust (ETH) and the Bitwise Ethereum ETF’s common units of fractional undivided beneficial interest comply with the Exchange Act of 1934.

The approval was the final detail in the imminent launch of the Ethereum spot ETF, slated for June 23. The SEC approval showed the issuers’ updated S-1 filing was approved, permitting them to list their funds on exchanges.

Trading to Begin on Tuesday

Issuers launching spot Ethereum ETFs have received the SEC’s approval for their registration statements, completing the two-step process required. Following the SEC’s approval of 19b-4 forms in May, the final step has now been cleared, with trading set to commence on Tuesday.

The Chicago Board Options Exchange (CBOE), where many of these Ethereum ETFs are set to launch, also announced that trading for several funds, including the GrayScale Ethereum Trust, Fidelity Ethereum Fund, Franklin Ethereum ETF, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and 21Shares Core Ethereum ETF, is scheduled to begin on July 23.

Disappointing Ethereum Price Increment?

Ethereum’s price has not particularly correlated with that of Bitcoin’s pre-approval and launch. Bitcoin soared over 200% upon speculation and the asset’s ETF product launch, moving from mid $20,000 to a new all-time high of $74,000 in March.

However, the price of Ethereum (ETH) has surged over 10% in the past two weeks, driven by growing excitement and anticipation surrounding the imminent launch of spot Ether exchange-traded funds (ETFs). At press time, Ethereum is trading at approximately $3,448, with a market cap of $414 billion and a daily trading volume of $20.6 billion.

The upcoming launch of spot Ether ETFs tomorrow has heightened market interest. Whether this upward trend will persist or face a market correction remains to be seen, but the Ethereum ecosystem is poised for a significant transformation.