The U.S. Securities and Exchange Commission (SEC) has approved the VanEck Ethereum exchange-traded fund (ETF), marking a significant milestone for the market.
Filed on July 22, the ETF aims to offer investors a regulated way to gain exposure to Ether (ETH) in the U.S. This approval comes after a lengthy period of regulatory review, including multiple filings and amendments to the SEC.
SEC Approval and Key Filings for VanEck Ethereum ETF
VanEck initiated its push for a spot Ether ETF with an initial registration filing on May 7, 2021, followed by extensive efforts and delays to meet regulatory standards.
Key filings leading to the approval include the Prospectus under Rule 424(b)(3) and several amendments to the Form S-1, as VanEck adjusted to SEC compliance requirements.
The SEC mandates Form S-1 for companies planning their first public securities offering, while the Rule 424(b)(3) prospectus provides final offering details after the S-1 is approved.
S-1 amendments
On July 8, VanEck amended its S-1 registration with the SEC to secure the listing and trading of spot ETF shares.
In the final stage of the SEC ETF approval process, crypto investment firm 21Shares also made amendments to gain the SEC’s final approval.
Neither firm’s filings provided specific launch dates for U.S. exchanges but indicated that the Ethereum ETFs would be launched as soon as feasible “after the effective date.”
Grayscale Spot Ether ETF Debuts on NYSE
Following the SEC’s approval of Ether ETFs, digital asset manager Grayscale announced that its two spot Ether ETFs began trading on NYSE Arca on July 23.
This launch came after the SEC granted final approval on July 22, allowing multiple issuers to bring their products to market. In preparation, Grayscale transferred over $1 billion worth of ETH to Coinbase on July 22, moving 292,263 ETH, as noted in its Ethereum Mini Trust filing on July 18.
