The SEC has provisionally sanctioned three Ethereum-based exchange-traded funds, with trading possibly starting on July 23. A Reuters report on Monday revealed this development, citing industry sources. Approval depends on applicants submitting final offering documents by the end of the week. Among the eight asset managers likely to be approved are BlackRock, VanEck, and Franklin Templeton. Trading in the products is expected to begin the next day. The SEC asked applicants to submit final S-1 documents, including fee information, by Wednesday. Bloomberg ETF analyst Eric Balchunas anticipated a July 23 launch, barring any unforeseen issues. Following the launch of U.S. spot Bitcoin ETFs in January, Ether products would be a significant win for the cryptocurrency industry. Gemini predicts a bright future for Ethereum with the launch of spot ETFs, estimating potential net inflows of up to $5 billion within the first six months of trading. This could push Ethereum’s value in U.S.-based spot ETFs to $13-$15 billion by year-end. At the time of writing, Ethereum was trading at $3,473.37, following a 5.95% increase in the last 24 hours.
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