The Securities and Exchange Commission on Monday cleared the final hurdle for the launch of the first U.S. exchange-traded funds holding ether, paving the way for them to start trading Tuesday.
The agency declared in the late afternoon that the ETFs' prospectuses have gone "effective,” a key step funds need to go through before they can start selling shares. In May, the regulator approved stock exchanges’ applications to list the so-called spot ether ETFs in an about-face that surprised the crypto community.
Asset managers including BlackRock and Fidelity Investments applied to launch the funds. They are known as spot ether ETFs because they buy and sell the digital currency itself, in contrast to existing ETFs that rely on ether futures.
Ether, the largest cryptocurrency behind bitcoin, was little changed and trading at $3,488, according to CoinDesk data.
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