VanEck’s Ethereum ETF, which trades under the ticker symbol “ETHV,” has been listed on the Depository Trust and Clearing Corporation (DTCC), a significant American financial market infrastructure provider. This listing on the DTCC is a crucial step towards obtaining final approval from the U.S. Securities and Exchange Commission (SEC). However, the ETF is currently inactive on the DTCC website until regulatory approvals are obtained.
It’s important to note that this is not the first Ether ETF to be listed on the DTCC. Franklin Templeton’s spot ETH ETF was listed a month earlier. The DTCC’s ETF list includes both active ETFs that can be processed and ETFs that are not yet active and therefore cannot be processed.
Recent reports suggest that SEC officials have reached out to Nasdaq, the Chicago Board Options Exchange, and the New York Stock Exchange to update and modify existing spot Ether ETF applications. The SEC’s shift in stance over the past week is believed to be influenced by political factors, with cryptocurrency gaining political support in recent months. Speculation suggests that former President Donald Trump’s endorsement of cryptocurrency may have prompted the Biden administration to reassess its policy.
The SEC’s final deadline for deciding on VanEck’s spot Ether ETF application is May 23. After months of speculation about potential denials, the SEC has taken action by requesting financial managers to amend and refile their filings. This move has been seen as a positive sign by some analysts, with the likelihood of approval increasing to 75%, up from the previous estimate of 25%.
The SEC faces final deadlines to make decisions on VanEck and ARK’s spot Ethereum ETF applications on May 23 and May 24, respectively. Fidelity has also made an amended S-1 application to the SEC for its spot Ether ETF, specifying that the underlying Ether tokens will not be staked. S-1 filings are mandatory registration forms required by the SEC for publicly traded securities products in the United States.
The speculation surrounding the approval of spot Ether ETFs has also had a positive impact on spot Bitcoin ETFs, with increased inflows observed. BlackRock’s iShares Bitcoin Trust (IBIT) saw a substantial inflow of $290 million on May 21, marking a reversal in the trend of minimal inflows over the past six weeks.
BTC reached a six-week high of $71,600 on May 21 but subsequently dipped below the $70,000 level during early trading on May 22, currently trading at $69,444 at the time of writing.
