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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.
![Traders on the floor of the New York Stock Exchange. Photo: Xinhua Traders on the floor of the New York Stock Exchange. Photo: Xinhua](https://img.i-scmp.com/cdn-cgi/image/fit=contain,width=1024,format=auto/sites/default/files/d8/images/canvas/2024/05/24/e9b2cbb5-a984-4218-9b28-c40b7d8646c6_0e941bfe.jpg)
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