We are hours away from the start of Ethereum ETF trading, which the cryptocurrency market has been eagerly awaiting for a long time. The New York Stock Exchange has approved two products. Bloomberg analyst James Seyffart expects trading of Ethereum ETF products to begin tomorrow.
NYSE ARCA approves Bitwise Spot Ethereum ETF product
According to the official website of the US SEC, the New York Stock Exchange ARCA has approved the listing and registration of beneficial common shares in the Bitwise spot Ethereum ETF under the Exchange Act of 1934. As you follow from Kriptokoin.com, previously, the US SEC had approved the listing of two Ethereum spot ETFs, Grayscale Ethereum Mini Trust and ProShares Ethereum ETF, on the New York Stock Exchange’s (NYSE) Arca electronic trading platform.
NYSE ARCA approves Grayscale Spot Ethereum ETF!
The New York Stock Exchange ARCA has approved the listing and registration of certain undivided beneficial interests in Ethereum Trust (ETH) common stock pursuant to the Exchange Act of 1934, according to SEC official website documents.
Some spot ETFs are expected to begin trading tomorrow
Bloomberg analyst James Seyffart said that some spot Ethereum ETFs are expected to start trading tomorrow. This means that we should see a series of documents on the SEC website today saying that the ETF prospectus has “gone into effect”. It will probably be on or around market close.
What are the options and which is better?
Following the approvals, 9 spot Ethereum ETFs will start trading. In terms of basic mechanics, the funds are almost identical. Each ETF is backed by a reputable fund manager, holds spot ETH in a qualified custodian and relies on a core group of professional market makers to create and redeem shares. They also all benefit from the same standard investor protections, including insurance against brokerage errors and cybersecurity risks. The deciding factor for most investors is fees. Management fees for eight of the nine ETFs range from 0.15% to 0.25%. The only major exception is the Grayscale Ethereum Trust (ETHE), which began trading under a different fund structure in 2017 and still charges a 2.5% management fee.
Most, if not all, Ethereum ETFs are temporarily waiving or discounting fees in an effort to attract investors. The Greyscale Ethereum Trust is again among the big outliers here, along with the Invesco Galaxy Ethereum ETF (QETH). Ironically, it’s also a Grayscale product that is by far the frontrunner in the fee race. The Grayscale Ethereum Mini Trust (ETH), a newer fund created specifically to be listed as an ETF, has a management fee of just 0.15%. Another attractive option is Franklin Templeton’s Franklin Ethereum ETF’s, (EZET). Management fees are the second lowest of the group at 0.19% and are completely waived until January 2025 or until the fund reaches 10 billion AUM.
Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channelto stay up to date with breaking news !
