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SEC Approves Eight Spot Ethereum ETFs Including BlackRock and Fidelity

May 23, 2024, 09:19 PM

The U.S. Securities and Exchange Commission (SEC) has approved eight spot Ethereum (ETH) exchange-traded funds (ETFs), including those from prominent financial institutions such as BlackRock, Fidelity, and Grayscale. This landmark decision marks a significant milestone for the digital asset industry, potentially paving the way for substantial institutional investment in Ethereum. The approval, which includes 19b-4 forms and classifies the ETFs as commodity-based trusts, is seen as a major victory for the cryptocurrency sector. However, the ETFs will not begin trading immediately as the issuers' S-1 registration statements still need to go effective. This approval reflects a growing acceptance of digital assets and is expected to drive increased market value for Ethereum, which gained 0.3% following the announcement.