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According to multiple reports, the U.S. Securities and Exchange Commission (SEC) is poised to greenlight at least three Ethereum (ETH) exchange-traded funds (ETFs) for trading next week.
A Reuters report citing three “industry sources” indicates that the regulator has granted preliminary approval to ETH ETF applications from asset management giants BlackRock, VanEck and Franklin Templeton.
The sources said the companies’ products are likely to be approved on Monday and start trading on Tuesday.
According to the sources, the financial companies will have to file follow-up documents with the SEC this week to receive final approval. One of the sources reportedly tells Reuters that all eight Ethereum ETH applications are expected to launch next week, not just the three from BlackRock, VanEck and Franklin Templeton.
Eric Balchunas, senior ETF analyst at Bloomberg, also says ETF trading is likely to begin next Tuesday.
“The SEC finally contacted issuers today and asked them to return the FINAL S-1s on Wednesday (fees included) and then on Monday after close to request effectiveness for a TUESDAY 7/23 LAUNCH. Of course without any unforeseen last-minute problems!”
The SEC greenlit the first Bitcoin (BTC) ETFs on the spot market in January, bringing in billions of dollars in inflows into the top crypto assets as measured by market capitalization. Earlier this month, several companies also filed to launch ETFs based on Ethereum rival Solana (SOL).
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