ETH Exchange Traded Funds are set to launch on July 23 2024 after U.S. regulators gave their final approval for the products.
Blackrock, the world’s largest asset manager, announced that its Ishares Ethereum Trust ETF (ETHA) will commence trading on Nasdaq on July 23 2024, featuring a one-year fee waiver of 0.12% for the first $2.5 billion in assets under management (AUM).
Besides the Ishares Ethereum Trust, 8 spot Bitcoin ETFs are slated for public trading, including two from Grayscale.
Grayscale’s Ethereum Trust (ETHE) will be converted into a publicly traded fund, while the firm will also introduce Ethereum Mini Trust (ETH). Furthermore, asset managers including Franklin Templeton, Vaneck, Bitwise, 21Shares, BlackRock, Invesco, and Fidelity will be launching spot Ether ETFs on the day.
“We’ve now fully entered the ETF era of crypto,” Matt Hougan, chief investment office at Bitwise, said.
“Investors can now access more than 70% of the liquid crypto asset market through low-cost ETPs.”
“Being the first to file for an Ethereum ETF back in 2021, we have long believed investors should have access to Ethereum exposure in a vehicle they find accessible and familiar,” said Kyle DaCruz, Head of Digital Assets at VanEck.
“If Bitcoin is digital gold, then Ethereum is the open-source App Store and the gateway for exposure to the thousands of applications that will utilize blockchain technology.”
Just over a month ago, the SEC granted accelerated approval to 3 stock exchanges to list and trade shares of Ether ETFs, paving the way for eight individual applications to be approved.
A spot Ethereum ETF, similar to a Bitcoin ETF, involves a fund manager handling the purchase and storage of ETH digital coins, allowing individuals to buy shares that reflect their value. This provides investors with exposure to the second-largest cryptocurrency by market capitalization.
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