The Chicago Board Options Exchange (Cboe) has confirmed that several spot Ethereum exchange-traded funds (ETFs) will commence trading on Tuesday, July 23.
The Chicago Board Options Exchange (Cboe) has confirmed that several spot Ethereum exchange-traded funds (ETFs) will commence trading on Tuesday, July 23. Notices posted on Cboe’s website on Friday announced the listing of multiple spot Ethereum ETFs. The ETFs set to begin trading include the 21Shares Core Ethereum ETF (CETH), Fidelity Ethereum Fund (FETH), Franklin Ethereum ETF (EZET), Invesco Galaxy Ethereum ETF (QETH), and VanEck Ethereum ETF (ETHV).
This move follows the unexpected approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC) in May, a surprising shift from the regulator's previous scrutiny of Ethereum-focused firms. The approval came just four months after the first spot Bitcoin ETFs began trading in the United States. Each listing states, "We are pleased to announce that One (1) Exchange Traded Product ('ETP') will be listed on Cboe and will begin trading as a new issue on July 23, 2024, pending regulatory effectiveness."
Ethereum, the world's second-largest cryptocurrency by market cap, has seen significant interest from investors. The approval and upcoming trading of these ETFs are expected to further boost Ethereum's accessibility among traditional investors. According to CoinMarketCap data, ETH is currently trading at $3,529, rebounding from a dip following the sudden news of President Joe Biden exiting the Presidential race. ETH is up 6.21% over the past week.
The SEC’s initial approvals in May marked a turning point, as the regulator had previously been cautious about Ethereum, seemingly treating it differently from Bitcoin. However, the success of spot Bitcoin ETFs likely influenced the SEC’s decision to extend similar approvals to Ethereum ETFs. The SEC recently dropped its investigation into Ethereum 2.0, paving the way for greater regulatory clarity on the second-largest cryptocurrency.
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