The U.S. Securities and Exchange Commission (SEC) is reportedly on the cusp of granting approval for the first-ever Ethereum-based exchange-traded funds (ETFs) based on futures contracts. This potential approval marks a significant victory for numerous companies that have long aimed to introduce such products to the market, Bloomberg has revealed.
Individuals familiar with the matter have indicated that the SEC is unlikely to withhold approval from products hinging on futures contracts linked to the second-largest cryptocurrency by market capitalization. While specific funds that will receive the regulatory nod remain uncertain, sources suggest that several Ethereum-ETF futures offerings could materialize by October 2023. The anonymity of these insiders underscores the sensitivity of the information, as the SEC has yet to publicly comment on the situation.
Jacobi Asset Management, a British company, notably launched Europe’s inaugural spot bitcoin ETF in August, securing approval nearly two years after the initial application.
Earlier, the SEC deferred its decision regarding the bitcoin ETF application of ARK 21Shares, led by Katie Wood. Presently, the SEC is evaluating more than a dozen applications for spot bitcoin ETFs.
Katie Wood expressed optimism on August 8, anticipating that the SEC would simultaneously approve multiple bitcoin ETFs. In June, ARK Invest asserted that the company was at the forefront of potential bitcoin ETF approval due to its earlier application submission to the SEC compared to other applicants.
