Five companies have filed for amendments to their spot ETH ETF filings, according to reports. The SEC has reportedly informed exchanges that it is leaning towards approving spot ETH ETFs. Ahead of the SEC’s approaching deadline on Thursday, there have been optimistic signs for spot Ethereum exchange-traded fund (ETF) approval. On Tuesday, the Depository Trust and Clearing Corporation (DTCC) listed VanEck’s spot ETH ETF (“ETHV”). Last month, Franklin Templton’s EZET also entered the same listing. Currently, there are two inactive spot ETH ETFs listed on the website. Similar to spot Bitcoin ETFs, which were listed on DTCC in the pre-launch category before their subsequent approval in January 2024, DTCC began adding those ETFs from October to December 2023.
There are indications that the listing of spot ETH ETFs on DTCC may signal approvals. Last week, the SEC requested exchanges and institutions to amend their 19b-4 filings, which need to be approved by the SEC before spot ETH ETFs can become effective in the market. Five investment firms, including VanEck, Franklin Templeton, Fidelity, ARK 21shares, and Invesco Galaxy, have confirmed their amendments.
Spot Ethereum ETFs have been anticipating SEC approval since the beginning of the year. During the wait, there have been discussions about Ethereum being designated as a security instead of a commodity. Analysts’ opinions on spot ETH ETFs have also changed, with Bloomberg analysts increasing the approval probability from 25% to 75%. Just last week, they predicted that the chances of spot ETH ETF approval were slim to none.
As the chances of approval increase, leading institutions like Standard Chartered Bank have also advocated for spot ETH ETF approval. The SEC’s staff reportedly informed exchanges on Monday that they are leaning towards approval. This announcement has also fueled an ETH price rally, with ETH trading at the $3700 level at the time of writing.
