After a long wait, the Securities and Exchange Commission (SEC) has finally given final approval to the spot Ethereum (ETH) ETF that gives the people of the United States (US) access to the second largest cryptocurrency.
Spot ETH ETFs are often suitable for conventional investors as funds can be bought and sold through traditional brokerage accounts and it should also be noted that the spot Bitcoin (BTC) ETF has attracted tens of billions of dollars in investment since its launch in January 2024.
In late May 2024, SEC officials suddenly engaged ETF issuers after a long period of silence after the regulator approved a key filing that paved the way for full approval through the latest ruling.
According to Matt Hougan, head of the investment office at Bitwise, his team has fully entered the crypto ETF era where investors can now access more than 70% of the liquid crypto asset market using low-cost ETPs.
Being the first to file for an ETH ETF in 2021, VanEck truly believes investors should have access to ETH exposure, commented Kyle DaCruz, head of digital assets at VanEck.
He further added that ETH is an open source App Store and gateway for exposure to thousands of applications that will use blockchain technology if BTC is digital gold.
As of this writing, ETH price is trading at $3,473 still recording a plunge of 1.14% in the last 24 hours with a market cap of over $417 billion but a jump of 0.29% over the past week.
Disclaimer: This is a news report and not financial or investment advice.