SEC Approves 8 Ethereum Spot ETFs, Including BlackRock, Fidelity, and VanEck

May 23, 2024, 09:10 PM

The U.S. Securities and Exchange Commission (SEC) has approved the listing of Ethereum (ETH) spot Exchange-Traded Funds (ETFs). This marks a significant development for the cryptocurrency market, as it allows institutional investors to gain exposure to Ethereum through regulated financial products. Notable firms such as BlackRock, Fidelity, and VanEck are among those whose ETF proposals have been approved. In total, 8 ETFs have received approval. This move is seen as a major victory for the crypto industry, aligning Ethereum closer to being recognized as a commodity-based trust. The approval has already had a positive impact on the market, with Ethereum's price rising by 1% following the announcement.