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VanEck, a leading crypto asset management firm, has filed Form 8-A for its spot Ethereum ETF, moving closer to potential SEC approval and market debut.
VanEck's Form 8-A Filing Advances Spot Ethereum ETF, Awaiting SEC's S-1 Approval and Market Debut
As CoinGape reported, VanEck, a leading crypto asset management firm, has taken a significant stride in the cryptocurrency market by submitting the 8-A Form for its spot Ethereum ETF product. This move is crucial in setting the stage for the anticipated S-1 approvals.
VanEck has submitted its 8-A form in anticipation of the official sanction of the S-1 registration for spot Ethereum ETF products. As noted by Eric Balchunas, Bloomberg's senior ETF analyst, this 8-A Form is a component of the process that precedes the introduction of any ETF product.
Since the United States Securities and Exchange Commission (SEC) approved the 8 spot Ethereum ETFs in May, there have been numerous speculations about S-1 certifications. The due diligence process, overseen by the SEC, has been protracted due to the significant haste that occurred before the last-minute approval. It's important to note that the SEC and applicants were not involved in the pre-approval process for this due diligence.
In contrast to the lead-up to the spot Bitcoin ETF debut, the market still determines the date the Ethereum counterpart will begin trading. It is important to note that the Form 8-A filings indicate the registration process that enables issuers to trade on an exchange. It signifies the advancement toward the prospective approval of a spot Ethereum ETF.
As Balchunas noted, VanEck submitted its Form 8-A approximately seven days before launching its spot Bitcoin ETF product in January. The analyst maintains his projection of a July 2 commencement date even though the SEC has yet to provide much guidance.
Pursuing a prominent Ethereum ETF has been ongoing since last year when companies such as BlackRock entered the competition. The anticipation for approval was high before the May green light, as the Ethereum Futures ETF and Bitcoin fund were already trading in the United States.
Analysts Predict Spot Ethereum ETF Launch Could Reverse Altcoin Decline Amid SEC Approval Hopes
Recently, Bitcoin's price action has resulted in a sustained decline in the prices of most altcoins. Analysts anticipate that the adverse trend may be reversed if the spot ETH ETF product commences trading.
Throughout history, discussions regarding this product have been recognized as a market trigger. If this pattern is repeated, the market may benefit from the SEC's forthcoming update on the S-1 approvals.
The price of Ethereum has experienced a minor increase of 1.67% in the past 24 hours, reaching $3,401.91 at the time of writing.
Photo: Microsoft Bing
