VanEck Submits Revised Application for Spot Ethereum ETF

Investment firm VanEck has submitted a revised proposal to the SEC for launching a spot Ethereum ETF.

Just had @vaneck_us submit an updated S-1A for their spot #Ethereum ETF filing. pic.twitter.com/eHn3iCYuQu

— James Seyffart (@JSeyff) February 16, 2024

The firm initially filed the application in 2021. According to the document, the listing is expected on Cboe BZX.

VanEck has joined the race for Ethereum-based exchange-traded products alongside Franklin Templeton, Grayscale, BlackRock, and Invesco with Galaxy.

Some experts believe that the regulator will approve the products in May. Grayscale has suggested a positive decision could come in the summer.

In December, SEC Chairman Gary Gensler, commenting on the agency’s change of stance regarding spot Bitcoin funds, cited “court decisions” as one of the reasons. Commissioner Hester Peirce expressed confidence that such processes would not be necessary for Ethereum.

However, some analysts doubt the swift approval of spot ETH-ETFs for various reasons.

Earlier, FalconX’s head of research, David Lawant, explained the increased interest in Ethereum staking as optimism regarding the potential for ETF issuers to allocate some coins to staking services if the product is approved.