After the approval, Bitwise announced that it would donate 10% of the profits from its spot Ether ETF to Ethereum open-source developers.
The United States Securities and Exchange Commission (SEC) has officially approved the S-1 Applications of Spot Ethereum Exchange-Trade Funds (ETF) Issuers. This approval, which includes BlackRock’s Ethereum Trust Fund (ETHA), Fidelity’s Advantage Ether (FETH), and seven other ETFs, is expected to significantly impact the industry by attracting massive inflows.
The approval came a week after Nate Geraci, CEO of ETF Institute, predicted that this would be the week of Ether ETF approval. Two anonymous SEC officials revealed that the agency responded favorably to the submitted applications. Additionally, the SEC greenlighted the filings by requesting final S-1 applications from the ETF issuers.
Notably, Grayscale charges the highest and lowest fees for Ethereum ETFs. Spot Bitcoin and Ethereum ETFs’ approval boosts confidence in the filing for and approving other crypto ETFs.
Spot Ether ETFs to Begin Trading Today
On Monday, the SEC approved the final S-1 filings for spot ether ETFs. Following the approval, Ethereum ETFs will be launched for trading on stock exchanges like the New York Stock Exchange (NYSE), Chicago Board Options Exchange, and Nasdaq.
The SEC has approved nine Ethereum funds to begin trading by 9:30 on Tuesday, July 23rd. Blackrock’s Ethereum Trust Fund (ETHA), Fidelity’s Advantage Ether (FETH), Franklin’s Ethereum Fund (EZET), 21Shares Core Ethereum ETF (CETH), VanEck Ethereum ETF (ETHV), Invesco Galaxy Ethereum ETF (QETH), Bitwise Ethereum Fund (ETHW), and two ETFs for Grayscale, Grayscale Ethereum Trust ETF (ETHE) and the Grayscale Mini Ethereum Fund (ETH), were approved.
The BlackRock Ethereum Trust will be listed on the Nasdaq, while the Bitwise and Grayscale Ethereum Trust will trade on the NYSE. Bitwise has announced that 10% of the profits it makes from its Ether ETF will be dedicated to Ethereum open-source developers.
BlackRock, Fidelity, and Invesco charge a 0.25% ETF maintenance fee. 21Shares charges 0.21%, while Bitwise and Vaneck charge 0.2%. Franklin charges 0.19%, the same with its Bitcoin ETF. As with the U.S.-approved bitcoin ETFs, Grayscale stands out with a 2.50% maintenance fee. However, its mini ETF is charged at 0.15%.
The approval of Spot Bitcoin and Ethereum ETF has significantly impacted the crypto community, paving the way for other crypto ETFs. VanEck and 21Shares have filed for a Solana ETF, awaiting further green light from the SEC.