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Ethereum ETFs are finally here with us after the U.S Securities and Exchange Commission gave its nod of approval to atleast five asset managers.
Related: Grayscale Newly Launched AI Fund Looks Bullish, But for How Long?
The same all-knowing, all seeing SEC that takes eons to decide on anything has actually approved something in our lifetime.
Speculations for the approval of an Ethereum spot Exchange Traded Fund emerged at the beginning of the week when reports surfaced that the SEC had advised the asset managers to file their final amendment by Wednesday.
Ethereum ETFs Issuers Awaiting One More Final Approval of S-1 Filings
Now, the eight applicants who are in the race to launch an Ether ETF are in their final stage of submitting amendments to the S-1 file so that they can kick start trading of the product on July 23rd.
One of the applicants, Grayscale Ethereum Mini Trust represents the evolution of the incumbent Grayscale Ethereum Trust (ETHE) which the asset manager recently transformed into a spot Ethereum ETF. The investment product’s transition demonstrates how much Grayscale is adaptive to changing investor and regulatory needs.
Spot Ethereum ETF Issuers are Wooing Investors By Slashing Fees
As everyone braces for next week’s listing, the industry is laser-focused on the burning question: how much will these ETFs charge us for fees? The lower the fees, the more customers will scoop up Ethereum from exchanges and into these products.
Grayscale’s Ethereum Mini Trust is set to launch with a 0.25% fee, a great improvement from the 2.5% that it used to charge on the Ethereum Trust product before it evolved.
Fidelity, VanECk and Frankling Tempton will launch with an initial limited offer of 0% fees. Meanwhile, 21Shares tipped that it would charge 0.21% fees but would waiver to 0% for the first six months.
ProShares was the last among the eight hopefuls to throw its hat in the ring
ProShares, which is another company yet to launch its spot Ether ETF received approval from the SEC, and is now speculating on Wednesday as the day for kicking off the trading of its Ethereum investment product.Meanwhile, ProShares was the last one among the eight applicants to file its application for the spot Ethereum ETF.
It can only be described as an epic saga of back-and-forth between the SEC and issuers, showcasing the kind of intense scrutiny usually reserved for space missions and celebrity scandals.
More: What is Ethereum? Explainer
The final phase of approvals follows after a prolonged period of deliberations between the SEC and issuers, a process that has illustrated the heavy scrutiny that cryptocurrency-related investment products need to undergo before listing on regulated financial exchanges such as the New York Stock Exchange. Nonetheless, the process is still a vital part of investor protection while still adapting to the growing appetite for digital assets.
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