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SEC Approves Grayscale and ProShares Ethereum ETFs for NYSE Listing, Trading Begins July 23

Jul 18, 2024, 05:45 AM

The U.S. Securities and Exchange Commission (SEC) has approved the Grayscale Ethereum Mini ETF and the ProShares Ethereum ETF for listing on the NYSE's Arca platform. The approval marks a significant step for the cryptocurrency market, with trading expected to commence on July 23. Major financial institutions including BlackRock, Grayscale, Fidelity, ARK 21Shares, Invesco Galaxy, VanEck, Hashdex, and Franklin Templeton are preparing to launch their own Ether ETFs. The fees for these ETFs vary, with BlackRock's iShares Ethereum Trust setting an initial fee of 0.12%, while Grayscale's Ethereum ETF fee is significantly higher at 2.5%, which is 10x BlackRock's fee. Analysts predict substantial market inflows, with potential assets under management reaching $2.5 billion for BlackRock within a year. The launch of these ETFs is anticipated to have a significant impact on the cryptocurrency market.