SEC provisionally approves Ethereum ETFs; BlackRock, VanEck, and Franklin Templeton among the applicants

The U.S. Securities and Exchange Commission (SEC) has provisionally approved three Ethereum (CRYPTO: ETH)-based exchange-traded funds (ETFs) for trading starting on July 23, as reported by Reuters. The final launch date is dependent on applicants submitting their final offering documents to regulators by the end of this week. Among the eight asset managers, BlackRock, VanEck, and Franklin Templeton are expected to have their applications approved by the SEC. Trading for the ETFs is likely to commence the day after approval.

The approval of these Ethereum-based ETFs would mark another significant milestone for the cryptocurrency industry following the launch of U.S. spot Bitcoin (CRYPTO: BTC) ETFs earlier this year. Cryptocurrency exchange Gemini has high hopes for Ethereum’s future with the potential launch of spot ETFs in the United States. Gemini’s research report forecasts substantial investor interest in Ethereum, estimating net inflows of up to $5 billion within the initial six months of trading. This surge of capital could potentially increase Ethereum’s value in U.S.-based spot ETFs to $13-$15 billion by the end of the year.

As of the latest data, Ethereum is currently trading at $3,473.37 with a 5.95% increase in the last 24 hours. The industry is eagerly awaiting the approval of Ethereum ETFs by the SEC, which could pave the way for further mainstream adoption of digital assets.