Hector McNeil, Co-Founder and Co-CEO of HANetf, comments: ”The US Securities and Exchange Commission (SEC) has approved the sale of spot Ether ETFs in the United States.
”The news had been hotly anticipated, with the price of Ether rising from $3,087 on the 20th May to $3,847 the next day.
”Given the launch of the first US-listed Bitcoin ETFs back in January, there may have been some that saw the approval of Ether ETFs as inevitable – but there was actually a fair amount of uncertainty in the run-up to the SEC’s latest ruling.
”It wasn’t until Monday that speculation began to increase that the SEC might opt to approve spot Ether ETFs – many had expected them to reject it. Today’s news, therefore, came as quite a surprise.
”Nonetheless, the decision is yet another tailwind for the cryptocurrency industry, as it increasingly looks to cement itself in the mainstream.
”For investors in Europe, however, spot crypto exposure is nothing new. ETC Group Physical Bitcoin (BTCE) remains the largest Bitcoin exchange-traded product in Europe, at over $1.4 billion assets under management (AUM).
”For Ethereum, crypto-experts ETC Group offer two options – ETC Group Physical Ethereum (ZETH), the first Ether product listed on Xetra, as well as their newer ETC Group Ethereum Staking ETP (ET32). The latter product offers exposure to the performance of Ether, while also capturing staking rewards.
”The US, therefore, has been lagging Europe when it comes to spot crypto exposure. But the news is positive for the industry as a whole, and helps lend further credibility to cryptocurrencies.”
