After three years of filings, the VanEck Ethereum exchange-traded fund (ETF) has been approved by the United States Securities Exchange and Securities Commission (SEC).
The ETF’s Notice of Effectiveness, submitted on July 22, is designed to offer investors a regulated method of acquiring exposure to Ether in the United States.
The approval results from a lengthy period of regulatory scrutiny, reflected in a series of filings and amendments submitted to the SEC.
The approval and critical filings
On May 7, 2021, VanEck initiated its pursuit of a spot Ether ETF through its initial registration filing. However, the company encountered numerous obstacles and delays to satisfy the regulatory standards necessary for approval.
The Prospectus under Rule 424(b)(3) and numerous amendments to Form S-1 were essential filings in the lead-up to the approval as the firm adjusted to SEC compliance requirements.
Companies contemplating their initial public securities offering must submit S-1s to the Securities and Exchange Commission (SEC). Subsequently, the Rule 424(b)(3) prospectus furnishes the final offering details.
Amendments to S-1
VanEck amended its S-1 registration with the SEC in July 8 filings to ensure the listing and trading of spot ETF shares.
21Shares, a crypto investment firm, also made amendments to obtain final approval from the SEC during the final stage of the SEC ETF approval procedure.
The Ethereum ETFs would be launched as quickly as possible “after the effective date,” but the filings of both firms did not include launch dates for US exchanges.
Grayscale spot Ether ETF launches on NYSE
Grayscale, a digital asset manager, has verified that its two spot Ether ETFs will commence trading on the NYSE Arca on July 23 after the SEC’s Ether ETF approvals.
The Grayscale ETFs were launched on July 22, following the SEC’s decision to sign off on the final approval, which enabled numerous issuers to introduce their products for trading.
According to the Ethereum Mini Trust July 18 filing, Grayscale transferred 292,263 ETH worth over $1 billion to Coinbase on July 22 in anticipation of the introduction of its ETFs.
