VanEck’s revolutionary Ethereum spot ETF, with the ticker $ETHV, has officially been added to the DTCC. However, we’re eagerly awaiting the green light from the SEC before this game-changing investment opportunity can be activated.
DTCC Listing: What It Means
VanEck’s highly anticipated spot Ethereum ETF has officially been listed on the Depository Trust and Clearing Corporation (DTCC) with the ticker $ETHV. This major milestone brings us one step closer to the long-awaited launch of the ETF, although its approval from the US Securities and Exchange Commission (SEC) is still uncertain.
The prestigious DTCC (Depository Trust & Clearing Corporation) has just added VanEck’s highly-anticipated Ethereum ETF to its exclusive list of securities.
This means that the ETF is one step closer to becoming a reality for investors. However, before you rush to invest, take note that the ETF is currently on hold with an “N” status in the create/redeem column.
The DTCC clarified,
“This file includes both active ETFs that may be processed at DTCC and ETFs that are not yet active (“pre launch”) and, therefore, are not able to be processed at DTCC, unless and until such securities have received all necessary regulatory and other approvals.”
SEC Approval Pending
The moment we’ve been waiting for is almost here. VanEck’s groundbreaking Ethereum ETF is currently in the hands of the SEC, with a verdict expected by the May 23 deadline. Back in September 2023, VanEck made history as the first to file for a spot Ethereum ETF, paving the way for other major players like BlackRock, ARK Invest, and Fidelity to join the race.
The SEC’s attitude towards Ethereum-based funds has always been lukewarm, with little enthusiasm shown. But in a dramatic turn of events, hope has suddenly sparked just days before the long-awaited verdict.
Exclusive: Ripple vs SEC: Ripple’s confidential data at stake, May 20 hearing
According to ETF experts Eric Balchunas and James Seyffart from Bloomberg, the chances of the SEC giving the green light to a spot Ethereum ETF have skyrocketed to 75%. This sudden shift in sentiment is being credited to the removal of staking restrictions and a change in political landscape. As a result, the value of ETH has soared by a staggering 20.6%, reaching a new high of $3,800.
Key Changes And Amendments
A game-changing shift in the SEC’s approach has sent shockwaves through the world of cryptocurrency. In a bold move, the commission has provided crucial feedback to the hopeful applicants of a spot ETH ETF, prompting them to revamp and resubmit their 19b-4 forms. These forms are the key to unlocking the SEC’s approval for ETFs, making this feedback a highly coveted stamp of potential success.
Exciting developments are underway in the world of cryptocurrency as five major players, including VanEck, Fidelity, and Franklin Templeton, have submitted revised filings for a potential Ether ETF.
These industry leaders have responded to the SEC’s feedback by removing staking provisions from their proposals, paving the way for potential approval. The anticipation is palpable as the race for the first Ether ETF heats up.
Fidelity’s amended filing stated,
“Neither the Trust, nor the Sponsor, nor the Custodian, nor any other person associated with the Trust will, directly or indirectly, engage in action where any portion of the Trust’s ETH becomes subject to the Ethereum proof-of-stake validation or is used to earn additional ETH or generate income or other earnings.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.