SEC Approves Eight Ethereum ETFs in US

The Securities and Exchange Commission (SEC) yesterday approved a rule change that allows for the creation of ETFs that invest in Ether, one of the largest cryptocurrencies in the world.

This decision follows the approval of Bitcoin ETFs just six months ago, which have already seen success with over $12 billion in net inflows according to FactSet.

The approval of Ether ETFs had been expected in late May, which coincided with the SEC’s deadline for the approval of the VanEck Ethereum ETF. Many companies, including BlackRock, Bitwise, and Galaxy Digital, have also begun the process of launching their own Ether funds after sponsoring Bitcoin ETFs.

While the price of Ether only saw a 2% increase following the announcement, it had already seen a 20% surge earlier in the week in anticipation of the decision.

However, it is uncertain when exactly the ETFs will begin trading as the SEC’s approval only grants permission for exchanges to list eight different Ether funds.