• The United States Securities and Exchange Commission (SEC) is expected to approve multiple applications for Ether futures exchange-traded funds (ETFs) simultaneously, according to sources familiar with the matter. This comes as the SEC has received numerous applications for Ether and Bitcoin-Ether futures ETFs since July.
• Unlike in 2021 when firms were instructed to withdraw similar applications, the SEC has not asked the investment firms to withdraw their current applications. This indicates that the regulator may not prevent the launch of these funds in the coming weeks.
• There are currently 16 pending applications for Ether or Bitcoin-Ether futures ETFs awaiting regulatory approval. These ETFs track the performance of crypto futures contracts, allowing investors to invest in futures contracts tied to the price of digital assets instead of directly investing in the assets themselves.
• Asset management firm Valkyrie recently filed for an Ether futures ETF, positioning itself as the first in line in the race for SEC approval. If approved, Valkyrie’s BTC-ETH ETF could debut in early October. First-mover advantage is crucial in the ETF industry, with ProShares’ first futures Bitcoin ETF already amassing $1 billion in assets under management since its launch in October 2021.
• The SEC is also considering the approval of a spot Bitcoin ETF in the United States, with Wall Street giants like Fidelity and BlackRock awaiting a decision. The SEC has until January to make a final verdict on the spot Bitcoin ETF application.
