ProShares entering spot Ethereum spot ETF race

The American securities regulatory body listed the Ethereum spot ETF application of Proshares on the website.

ProShares is a financial firm known for its ETFs. This firm launched the first Bitcoin-linked futures ETF in the US, the ProShares Bitcoin Strategy ETF (BITO), in October 2021, allowing investors to gain exposure to Bitcoin without directly holding the cryptocurrency.

On 11 June 2024, Bloomberg analyst James Seyffart confirmed that the United States Securities and Exchange Commission (SEC) listed the Proshares Ethereum spot ETF application on the SEC.gov website.

According to James, there is a huge chance that Proshares’s ETH spot ETF will not start trading with other ETH spot ETF products, just after the approval by the SEC. That means, the SEC may approve this application after the trading approval for all the other crypto assets. 

Bloomberg ETF expert said that he doesn’t know why Proshares never filed for Bitcoin spot ETF applications but directly jumped for Ethereum spot ETF.

Ethereum spot ETF trading delay 

However, the SEC body approved 19b-4 proposals for the first spot ether ETFs in the US on 13 May 2024 but all the stock exchanges are waiting for the final approval to allow the trading of ETH spot ETF products. 

According to experts, approval of Ethereum spot ETF applications by the SEC body was unexpected, so probably there was some kind of political pressure on the regulatory body. 

ETF experts believe that there are huge chances that the SEC body may take up to three months to give the green signal for these ETH-linked spot ETF products to start trading.

Ethereum price action 

The current trade price of Ethereum (ETH) coin is $3,538 & this trade price is 3.41% down over the last 24 hours. 

Read also: Bitcoin spot ETFs saw first net outflow in over 19 trading days, BTC crashes below $67.5k