The US Securities and Exchange Commission (SEC) has officially approved the launch of spot exchange-traded funds (ETFs) for the second-largest cryptocurrency Ethereum and the listing of their securities on the NASDAQ, NYSE and CME exchanges, reports RBC Crypto.
Exchange traded funds (ETFs) allow you to trade the underlying asset in the form of shares. So-called spot ETFs involve actually purchasing an asset (i.e. cryptocurrency) from the market to back the fund's shares.
The launch of such Bitcoin ETFs in the United States provoked an influx of capital into the market and became one of the catalysts for the growth of the cryptocurrency price in 2024. The same group of companies, which includes such financial heavyweights as BlackRock and Fidelity, has been awaiting approval of “ether” exchange-traded funds since last year.
According to experts, it will take several more weeks before the shares of the new ETFs actually appear on the exchanges, but some companies immediately submitted updated documents for consideration by the commission.
The SEC delayed consideration of issuers' applications for a long time, but abruptly changed its rhetoric on May 20, after which the ETH rate jumped by 20%.
There are already futures exchange-traded funds based on Ethereum in the United States, but trading in their shares does not have a direct impact on the rate of the cryptocurrency.
Source: Cryptocurrency

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