SEC Flooded with Ethereum ETF Proposals Following Bitcoin ETF Success

The crypto community is abuzz with excitement as a flurry of Ethereum spot ETFs is being launched. With six organizations filing applications for Ethereum futures-based ETFs with the US Securities and Exchange Commission, the landscape of crypto investment is undergoing a major transformation.

Ethereum EFTs Are on the Rise

The flurry of activity surrounding Ethereum spot ETFs comes hot on the heels of the recent Bitcoin spot ETF craze, marking a significant turning point in the integration of digital assets with traditional finance.

Eric Balchunas, a Senior ETF Analyst at Bloomberg, shared his thoughts on the surge in Ether futures-based ETF applications to the SEC via Twitter, providing valuable insight into the rapidly evolving crypto investment landscape.

Here's fresh update of the Ether Futures ETF Race, which now has SIX in the running.. nice job by @JSeyff for putting together so quickly pic.twitter.com/G1rwwfaFoS

— Eric Balchunas (@EricBalchunas) August 1, 2023

The Ethereum spot ETF craze, which began with Volatility Shares’ filing on July 28, quickly caught the attention of market watchers. Volatility Shares had already made a splash in the crypto world in June by launching the first leveraged crypto ETF in the US, the 2x Bitcoin Strategy ETF (BITX). This pioneering move set the stage for a flood of Ethereum-focused ETF filings. 

The momentum continued to grow as August 1 arrived, with a remarkable wave of filings from major investment industry players such as Bitwise, VanEck, Roundhill, ProShare, and Grayscale, all within just 24 hours.

Although the idea of Ether ETFs has generated considerable interest, it’s worth noting that the path to approval has not been easy in the past. An insider with knowledge of the process has revealed that the SEC has not yet approved any ETF applications related to ETH futures contracts. 

Despite this, the crypto community remains optimistic. If the SEC does not reject the recently submitted Ether ETF proposals, it could herald the dawn of a new era in crypto investment. If approved, these ETFs are expected to launch 75 days after their filing date.