YEREVAN (CoinChapter.com)—The US Securities Exchange and Securities Commission (SEC) has approved the VanEck Ethereum exchange-traded fund (ETF) after three years of filings and amendments.
Investors in the US now have a regulated way to gain exposure to Ether (ETH). The Notice of Effectiveness of the ETF was filed on July 22.
The initial registration filing on May 7, 2021, started VanEck’s journey to this approval. The firm faced multiple delays and had to meet strict regulatory standards.
Key Filings and Amendments Lead to VanEck Ethereum ETF Approval
In the lead-up to the SEC’s approval, VanEck submitted several key documents. These included the Prospectus under Rule 424(b)(3) and multiple amendments to Form S-1. The SEC requires companies planning their first public securities offering to file an S-1, while the Rule 424(b)(3) prospectus gives final offering details after the S-1 is effective.
On July 8, VanEck amended its S-1 registration to ensure the listing and trading of its spot ETF shares. This was a pivotal moment in the SEC’s approval process.
Grayscale’s Spot Ether ETFs Start Trading on NYSE Amid Ethereum’s Market Movements
Meanwhile, Grayscale, another digital asset manager, confirmed that its two spot Ether ETFs began trading on the NYSE Arca on July 23. This followed the SEC’s final approval on July 22. To prepare for the launch, Grayscale transferred over $1 billion worth of ETH to Coinbase.
The move involved 292,263 ETH, according to its Ethereum Mini Trust filing on July 18.
At the time of writing, Ethereum (ETH) was trading at around $3,480, showing a slight decrease of 0.19% over the past day. The market cap stands at $417,860,802,476, ranking it second among cryptocurrencies.
The 24-hour trading volume is $23,103,078,071, reflecting a 20.38% increase. The circulating supply is 120,228,315 ETH.
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