VanEck's application for a spot Ethereum ETF has taken a significant stride forward as it has been listed on the Depository Trust and Clearing Corporation's (DTCC) new securities list under the ticker $ETHV. This milestone follows the recent release of amended 19b-4 forms by Cboe.
Despite this listing on DTCC, it's important to note that it does not serve as a guarantee of approval from the US Securities and Exchange Commission (SEC), which is still pending.
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Source: DTCC
VanEck's spot Ethereum ETF application is anticipated to be the first among its peers to receive a decision from the SEC. This decision will determine whether the product is approved or denied. The application was initially filed by VanEck in September 2023, making it one of the earliest contenders in this space.
Notably, other industry giants such as BlackRock, ARK Invest, and Fidelity have also entered the fray with their own applications. However, the outlook for Ethereum-based funds was previously uncertain, with reports suggesting a lack of engagement in discussions with the SEC.
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Ethereum's Future Looks Bright with Possible ETF Approval
However, just days before the May 23rd verdict, there was a notable shift in sentiment. Bloomberg ETF analysts Eric Balchunas and James Seyffart have revised their estimation, now suggesting a 75% likelihood of SEC approval for a spot Ethereum ETF. They attribute this shift to factors such as staking removal and political considerations. Standard Chartered also shares in this optimism regarding the regulatory approval potential of the spot Ethereum ETF. Additionally, the bank holds a bullish outlook on Ethereum's price, forecasting a potential rise to $8,000 by the year's end.
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In response to these positive developments surrounding the Ethereum ETF, Ethereum (ETH) has demonstrated remarkable performance. Following the Bloomberg analysts' reassessment, Ethereum experienced an 8% surge, extending its rally and breaking through the crucial $3,500 level. As of the latest update, ETH is trading around $3,700, marking a 31% increase over the past 7 days.
See more: Cryptocurrency Prices and Market Cap
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