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Cboe Confirms Spot Ethereum ETFs Will Begin Trading on July 23
Cboe Confirms Spot Ethereum ETFs Will Begin Trading on July 23
The Chicago Board Options Exchange (Cboe) confirmed that several points Ethereum The exchange-traded funds (ETFs) will begin trading on Tuesday, July 23. Notices posted on Cboe’s website on Friday announced the listing of several Ethereum spot ETFs. The ETFs expected to begin trading include the 21Shares Core Ethereum ETF (CETH), the Fidelity Ethereum Fund (FETH), the Franklin Ethereum ETF (EZET), the Invesco Galaxy Ethereum ETF (QETH), and the VanEck Ethereum ETF (ETHV).
The move follows the U.S. Securities and Exchange Commission’s (SEC) unexpected approval of Ethereum spot ETFs in May, a surprising shift from the regulator’s previous scrutiny of Ethereum-focused companies. The approval came just four months after the first Bitcoin spot ETFs began trading in the U.S. Each listing states: “We are pleased to announce that one (1) exchange-traded product (“ETP”) will be listed on Cboe and begin trading as a new issue on July 23, 2024, subject to rulemaking.”
Ethereum, the world’s second-largest cryptocurrency by market cap, has garnered considerable interest from investors. The upcoming approval and trading of these ETFs is expected to further boost Ethereum’s accessibility among traditional investors. According to data from CoinMarketCap, ETH is currently trading at $3,529, rebounding from a drop following the sudden announcement of President Joe Biden’s withdrawal from the presidential race. ETH is up 6.21% over the past week.
The SEC’s initial approvals in May marked a turning point, as the regulator had previously been cautious about Ethereum, seemingly treating it differently than Bitcoin. However, the success of Bitcoin spot ETFs likely influenced the SEC’s decision to extend similar approvals to Ethereum ETFs. The SEC recently dropped its investigation into Ethereum 2.0, paving the way for greater regulatory clarity on the second-largest cryptocurrency.