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US approves applications from Nasdaq, NYSE, CBOE to list spot ether ETFs in surprise win for crypto sector
- Trading could begin later this year, as the ETF issuers sill have to get the green light before launching the products
- Nine issuers including VanEck, ARK Investments/21Shares and BlackRock hope to launch spot ether ETFs
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The US Securities and Exchange Commission (SEC) on Thursday approved applications from Nasdaq, Chicago Board Options Exchange (CBOE) and New York Stock Exchange (NYSE) to list exchange-traded funds (ETFs) tied to the price of ether, potentially paving the way for the products to begin trading later this year.
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While the ETF issuers also have to get the green light before the products can launch, Thursday’s approval is a major surprise win for those firms and the cryptocurrency industry, which until Monday had expected the SEC to reject the filings.
Nine issuers including VanEck, ARK Investments/21Shares and BlackRock hope to launch ETFs tied to the second-largest cryptocurrency after the SEC in January approved bitcoin ETFs in a watershed moment for the industry.
“This is an exciting moment for the industry at large,” said Andrew Jacobson, vice-president and head of legal at 21Shares, noting it was “a significant step” towards getting the products trading.
Thursday was the deadline for the SEC to decide on VanEck’s filing. Market participants were bracing for the thumbs-down because the SEC had not engaged with them on the applications.
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