Global investment manager VanEck’s eagerly awaited spot ether exchange-traded fund [ETF] has been added to the Depository Trust and Clearing Corporation’s [DTCC] website. the DTCC, known for its post-trade clearance, settlement, custody, and information services, lists both active and pre-launch funds.
Pending SEC Approval
Despite the listing, VanEck’s Ether ETF is not yet operational. The fund awaits approval from the U.S. Securities and Exchange Commission [SEC]. On the DTCC’s list, VanEck’s spot Ether ETF is marked with the ticker “ETHV.” It is indicated as inactive under the create/redeem column. The DTCC said,
“This file includes both active ETFs that may be processed at DTCC and ETFs that are not yet active (“pre-launch”) and, therefore, are not able to be processed at DTCC, unless and until such securities have received all necessary regulatory and other approvals.”
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SEC’s Directive and Positive Signals
This development coincides with the SEC’s recent directive for U.S. firms to update and refile their 19b-4 forms for proposed spot Ether ETFs. This request is seen as a hopeful sign that the SEC might be nearing approval of these funds. The 19b-4 forms are crucial for notifying the SEC about proposed rule changes. They are key to the approval process for spot Ether ETFs.
The Cboe BZX exchange recently posted amended 19b-4 forms for spot Ether ETFs from several significant firms. This includes Franklin Templeton, Fidelity, VanEck, Invesco Galaxy, and Ark Invest with 21Shares. This follows Franklin Templeton’s spot Ether ETF listing on the DTCC last month. In contrast, CoinShares and Valkyrie have decided not to pursue spot Ether ETFs.
Market Optimism and Ethereum’s Performance
Standard Chartered has also shown confidence in the regulatory approval potential for spot Ether ETFs. They forecast Ethereum’s price could reach $8,000 by the end of the year. Positive developments around the ETFs have bolstered ETH prices, with Bloomberg analysts’ increased approval odds contributing to an 8% rise. This further pushed the altcoin above the $3,500 mark. At press time, ETH was trading at $3,751.85 following a 28% surge over the last 24 hours.
Also Read: SEC informs Exchanges It May Approve Spot Ethereum ETFs
