SEC Reviews ProShares Ethereum ETF Application

A spot Ethereum ETF from ProShares is being considered by the United States Securities and Exchange Commission (SEC).

The application comes three weeks after the regulator approved eight Ethereum ETFs, including offerings from BlackRock, Fidelity and Grayscale.

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According to an updated filing, the SEC said the New York Stock Exchange (NYSE) Arca proposed a rule change allowing it to list and trade shares of the ProShares Ethereum ETF.

The SEC is seeking public comments on the ETF applications 21 days after publication in the Federal Register, after which the SEC has 45 days to approve, disapprove or extend its decision. It's a familiar process, which was conducted ahead of the first round of approvals.

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Final approval requires the SEC's endorsement of S-1 registration statements for the spot Ether ETFs before they can commence trading. Some experts anticipate it could be completed by July.

“Instinct initially says [the ProShares ETF] won’t launch on day 1 with the other ETFs whenever that is but who knows,” said Bloomberg ETF analyst James Seyffart. “This is interesting."

ProShares' Bitcoin ETF, ProShares Bitcoin Strategy ETF (BITO), is the sixth largest BTC ETF offering, with $598.78M in AUM.

However, unlike the top five, BITO is a futures product rather than a spot product. The next largest futures Bitcoin ETF is offered by VanEck, which has $42.41M in AUM for its VanEck Bitcoin Strategy ETF (XBTF).