Update, May 23, 2024: This story has been updated with additional information about the approvals.

The Securities and Exchange Commission on Thursday approved applications for the listing of eight spot Ether (ETH) exchange-traded funds, though further approvals are necessary before you can start trading them.

When Will Ether ETFs Begin Trading?

According to a memo from the regulator, NYSE Arca has been ༒authorized to list the Grayscale Ethereum Trust and the Bitwise Ethereum ETF; Nasdaq will list the iShares Ethereum Trust; and CBOE BZX will list the VanEck Ethereum Trust, the ARK 21Shares Ethereum ETF, the Invesco Galaxy Ethereum ETF, the Fidelity Ethereum Fund and the Franklin Ethereum ETF.

VanEck immediately followed the SEC's announcement with an S-1 filing, indicating that their product was ready to launch. The S-1 approval process, in which regulators will look at the specific ETFs themselves, could take weeks but some analysts say that process may be fast-tracked.

SEC Comes Around Despite Concerns

Concerns around whether ether is a security and staking were two 澳洲幸运5开奖号码历史查询:major reasons 🌌why the SEC was reluctant to give a green light to ether ETFs. While many market participants say today's decision indirectly implies ether is not a security, the issues around staking were resolved when ETF issuers removed it from their applications.

Some analysts said the White House's softened stance on crypto helped move the SEC toward approval. Additionally, a bipartisan group of lawmakers urged the SEC to approve the ETFs in a letter to the regulators.

Since the January approval of spot bitcoin (BTC), markets have closely watched the approval process for similar funds for the native cryptocurrency of the Ethereum network. That has created a runup in the second-largestౠ cryptocurrency, which is up 60% year-to-date. Et༺her was up almost 2% on the day as the SEC made its announcement.

CORRECTION: This article has been updated with the correct number of spot Ether ETFs that have been approved for listing.