VanEck’s spot Ether exchange-traded fund (ETF) has been listed on the Depository Trust and Clearing Corporation (DTCC) under the ticker symbol “ETHV.” The DTCC, a prominent American financial market infrastructure provider, plays a crucial role in clearing, settlement, and transaction reporting services, making the listing on DTCC an important step towards final approval from the U.S. Securities and Exchange Commission (SEC).
Previous Listings by DTCC
Franklin Templeton’s spot ETH ETF was previously listed on the platform a month earlier. The ETF list on DTCC 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 shift in the SEC’s stance over the past week is believed to be influenced by political factors, with cryptocurrency winning the political battle in recent months.
“Former President Donald Trump’s endorsement of cryptocurrency may have compelled the Biden administration to reassess its policy,” sources speculate.
The final deadline for the SEC’s decision on VanEck’s spot Ether ETF application is May 23. After months of speculation regarding potential denials of spot ETH ETFs, the SEC recently took action by requesting financial managers to amend and refile their 19b-4 filings for proposed spot Ether ETFs.
The move has been viewed by some analysts as a positive sign, with senior Bloomberg ETF analyst Eric Balchunas increasing the likelihood of approval to 75%, up from the previous estimation 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.
Recent Developments and Speculation
As reported, Fidelity made an amended S-1 application to the SEC for its spot Ether ETF yesterday. The updated application specifies that the underlying Ether tokens of the ETF will not be staked. S-1 filings are mandatory registration forms required by the SEC for launching publicly traded securities products in the United States.
The speculation around the approval of spot Ether ETFs has provided a boost to spot Bitcoin ETFs, which saw an uptick in inflows on Tuesday. BlackRock’s iShares Bitcoin Trust (IBIT) witnessed a substantial inflow of $290 million on May 21, marking a reversal in the trend of zero or minimal inflows observed over the past six weeks.
The recent influx of funds into BlackRock’s ETF represents the highest level since April 5, eclipsing the cumulative inflows witnessed over the past 21 trading days. On May 21, BTC reached a six-week high of $71,600, but it subsequently dipped below the $70,000 level during early trading on May 22, currently trading at $69,444 at the time of writing.
