Official announcements from the SEC or the respective financial institutions

SEC Approves Nine Ethereum ETFs with $10.25B AUM, Trading Begins July 23

Jul 23, 2024, 03:44 AM

The U.S. Securities and Exchange Commission (SEC) has approved nine spot Ethereum (ETH) exchange-traded funds (ETFs), which began trading on July 23, 2024. This marks a significant milestone for Ethereum and the broader cryptocurrency market. The approved ETFs are from prominent financial institutions, including BlackRock, Fidelity, Franklin Templeton, VanEck, Invesco Galaxy, 21Shares, Bitwise, and Grayscale. The sector debuted at a $10.25B AUM, with Grayscale accounting for 90%. Analysts predict that these ETFs will attract substantial capital inflows, potentially driving Ethereum's price higher. The launch follows a similar surge in Bitcoin ETFs, which recently saw significant inflows, with BlackRock's Bitcoin ETF surpassing the Nasdaq-tracking QQQ ETF in year-to-date flows. The introduction of Ethereum ETFs is expected to enhance institutional adoption and mainstream acceptance of cryptocurrencies, further integrating them into traditional financial markets.