VanEck’s Ethereum ETF Listed on DTCC as ETH ETF Approval Looms

VanEck’s spot Ether exchange-traded fund (ETF) has now 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).

However, VanEck’s ETF is currently inactive on the DTCC website, meaning it cannot be processed until regulatory approvals are obtained.

VanEck’s spot ethereum ETF was just listed on the DTCC with the ticker $ETHV

Looks like we might be getting an $eth etf tomorrow! pic.twitter.com/j14kgqQ5jM

— Layah Heilpern (@LayahHeilpern) May 22, 2024

More Ether ETFs Listed on DTCC

It is worth noting that this is not the first Ether ETF listed by the DTCC.

Franklin Templeton’s spot ETH ETF was 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.

Speculation suggests that former President Donald Trump’s endorsement of cryptocurrency may have compelled the Biden administration to reassess its policy.

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.

A quick note, @EricBalchunas and increased odds to 75% for spot #Ethereum ETF approvals. But that's for the 19b-4 May 23rd deadline (@vaneck_us's deadline) We also need S-1 approvals. It could be weeks to months before we see S-1 approvals and thus a live Eth ETF h/t @NateGeraci

— James Seyffart (@JSeyff) May 20, 2024

Fidelity Files Amended S-1 Application with SEC

As reported, Fidelity made an amended S-1 application to 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 also provided a boost to spot Bitcoin ETFs, which saw an uptick in inflows on Tuesday.

As reported, 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.