ProShares spot Ether ETF application under consideration by SEC

The Securities and Exchange Commission (SEC) of the United States has recently included an application for a spot Ether (
ETH
) exchange-traded fund (ETF) from asset manager ProShares. This comes after the approval of eight other investment vehicles just three weeks ago.
On June 10, the SEC disclosed that the New York Stock Exchange (NYSE) Arca had put forth a rule amendment to enable the listing and trading of shares of the ProShares Ethereum ETF. The commission announced that it would be seeking public feedback on the ETF application for a period of 21 days following its publication in the Federal Register. This gives the SEC a window of 45 days to either approve, reject, or extend the decision-making process for the ETF.
In a separate development on May 23, the SEC formally signed off on 19b-4 filings from eight asset management firms seeking to list and trade spot Ether ETFs on U.S. exchanges for the first time. However, the final approval is contingent upon the SEC endorsing the S-1 registration statements for these ETFs before they can commence trading. This regulatory process might take several months, but there are expectations that it could be completed by July.
ETF analyst James Seyffart expressed uncertainty about the launch timeline of the ProShares ETF compared to the other approved ETFs. He mentioned that it is an intriguing situation that is worth watching.
ProShares was among the initial asset managers to receive SEC approval in October 2023 to list and trade shares of an investment vehicle linked to ETH futures. The company also provides a Bitcoin Strategy ETF on NYSE Arca with the ticker BITO.
The fate of ProShares’ spot Ether ETF offering is uncertain following the initial approval. The filing only hinted at the possibility of the commission evaluating the application further.
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