VanEck’s Spot Ethereum ETF Listed on DTCC, Awaits SEC Approval

The anticipation surrounding the potential approval of a spot Ethereum exchange-traded fund (ETF) has reached new heights as VanEck’s proposed product has been listed on the Depository Trust and Clearing Corporation’s (DTCC) new securities list under the ticker $ETHV.

This development, coupled with recent directives from the US Securities and Exchange Commission (SEC) and growing market optimism, has led to a significant surge in Ethereum’s price, with the cryptocurrency trading at around $3,700, up 31% over the past 7 days.

TLDR

• VanEck’s proposed spot Ethereum ETF has been listed on the DTCC’s new securities list under the ticker $ETHV, but is still awaiting SEC approval.
• The SEC recently directed U.S. firms to update and refile their 19b-4 forms for proposed spot Ether ETFs, which is seen as a positive sign for potential approval.
• Bloomberg ETF analysts estimate a 75% chance of SEC approval for a spot Ethereum ETF, citing staking removal and political issues as key drivers.
• Standard Chartered is bullish on Ethereum’s price, projecting it could reach $8,000 by the end of the year.
• Ethereum (ETH) has surged 31% over the past 7 days, trading at around $3,700, as ETF approval chances rise.

While the DTCC listing is a crucial step for VanEck’s spot Ethereum ETF, it is important to note that the product is not yet operational and still requires SEC approval.

The DTCC, known for its post-trade clearance, settlement, custody, and information services, lists both active and pre-launch funds. VanEck’s ETF is currently marked as inactive under the create/redeem column, indicating that it cannot be processed until it receives all necessary regulatory approvals.

The path to a spot Ethereum ETF has been filled with hurdles, as the SEC has previously been hesitant to approve such products.

However, recent developments suggest that the regulatory landscape may be shifting in favor of approval. The SEC has recently directed U.S. firms to update and refile their 19b-4 forms for proposed spot Ether ETFs, which is seen as a positive sign by industry experts.

These forms are crucial for notifying the SEC about proposed rule changes and are key to the approval process.

In response to the SEC’s directive, the Cboe BZX exchange has posted amended 19b-4 forms for spot Ether ETFs from several significant firms, including 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, further highlighting the growing interest and momentum behind these products.

Market analysts and financial institutions have also expressed optimism regarding the potential approval of a spot Ethereum ETF. Bloomberg ETF analysts Eric Balchunas and James Seyffart estimate a 75% chance of SEC approval, citing factors such as the removal of staking and political issues as key drivers.

Standard Chartered has also shown confidence in the regulatory approval potential, forecasting that Ethereum’s price could reach $8,000 by the end of the year.

The positive developments surrounding the potential approval of a spot Ethereum ETF have had a significant impact on the cryptocurrency’s price.

Ethereum (ETH) has surged 31% over the past 7 days, breaking through the $3,500 key level and trading at around $3,700 at the time of writing.

This impressive performance can be attributed to the growing optimism and increased odds of ETF approval, as highlighted by Bloomberg analysts.

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