Around six months since the approval of spot Bitcoin ETFs in January, crypto investors got their wish – the approval of the first altcoin ETF.
The United States Securities and Exchange Commission has approved the launch of spot Ethereum ETFs, according to CNBC's ETF Edge reporter.
The approval comes around six months after the SEC approved the launch of spot Bitcoin ETFs in January.
“It's official: Spot Eth ETFs have been made effective by the SEC,” wrote ETF Edge's Eric Balchunas on Twitter. “The 424(b) forms are rolling in now, the last step = all systems go for tomorrow's 930am launch. Game on.”
The approval of spot Ethereum ETFs is a significant milestone for the cryptocurrency space and will open the door to new investment opportunities in the second-largest cryptocurrency by market capitalization.
In May, the SEC approved all 19b-4 applications for spot Ethereum ETFs, and three months later, the regulator approved the S-1 applications, officially giving the green light for spot Ethereum ETF trading to begin.
As of Friday morning, ETH was trading at $3,460 after a slight decline over the past 24 hours and was up 1.6% on the weekly chart.
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