Ethereum futures ETF could launch next week amid looming US government shutdown Ethereum futures ETF could launch next week amid looming US government shutdown
Bloomberg analysts said the SEC wants to accelerate an approval for Ethereum futures ETF.
2 min read
Updated: Sep. 28, 2023 at 10:23 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The U.S. Securities and Exchange Commission could approve an Ethereum (ETH) futures exchange-traded fund (ETF) as early as next week, per Bloomberg analysts.
In a Sept. 28 post on X(formerly Twitter), Eric Balchunas, a senior ETF analyst for Bloomberg, said the financial regulator “wants to accelerate the launch of Ether futures ETFs” before a potential government shutdown. This assertion is coming on the heels of a note to investors that pegged the odds of an ETH Futures approval in October at 90%.
Balchunas added that several filers have been asked to update their documents by Friday afternoon so they can start trading by next week, Tuesday, Oct. 3.
Fellow Bloomberg analyst James Seyffart corroborated the possibility in a separate post. He wrote:
“Looking like the SEC is gonna let a bunch Ethereum futures ETFs go next week potentially.”
Neither of the two reporters cited their sources, but there’s a looming threat of a U.S. government shutdown by Oct. 1 if Congress doesn’t agree on spending next fiscal year.
The SEC has 15 applications for Ethereum futures ETFs submitted by nine different issuers, including VanEck, BitWise, ProShares, Grayscale, and others. The Bloomberg analysts posit that Valkyrie’s Bitcoin Futures ETF could be the first ETF to have an Ethereum exposure by Oct. 3.
Following this development, the price of ETH has surged by 1.7%, reclaiming a value above $1,600, according to CryptoSlate’s data. This comes after the asset slipped below this threshold on Sept. 22 and remained there until today’s recovery.
On the other hand, investors anticipating a Bitcoin (BTC) spot ETF will need to exhibit patience. The SEC has not shown intentions of approval on this front as of now.
However, some lawmakers are urging the SEC to greenlight a Bitcoin spot ETF. House Representatives Mike Flood, Tom Emmer, Ritchie Torres, and Wiley Nickel have penned a letter to the SEC referencing the Grayscale case.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Bitcoin
$97,369.63
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
VanEck
VanEck is a global investment manager with offices around the world, including New York, Australia, China, Germany, Netherlands and Switzerland.
Valkyrie
Valkyrie Investments is a specialized alternative asset management firm at the intersection of traditional finance and the emerging digital asset sector which is headquartered in Nashville.
Bitwise
Bitwise Asset Management pioneered the first cryptocurrency index fund and is the leading provider of rules-based exposure to the cryptoasset space..
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.