Spot Ethereum ETF Approval Anticipation: VanEck’s Application Added to DTCC List

U.S. asset management firm VanEck’s application for a spot Ethereum ETF has been added to the Depository Trust & Clearing Corporation (DTCC) maintenance list, under the trading symbol ETHV. This follows the Cboe Exchange’s revised 19b-4 form submission.

Bloomberg ETF analyst previously explained that this step is part of the preparation for a new fund listing, indicating a strong likelihood that this ETF will soon receive approval.

While the DTCC listing is a crucial milestone for the ETF, it does not guarantee approval from the U.S. Securities and Exchange Commission (SEC), which is still pending.

VanEck submitted its spot Ethereum ETF application in September 2023. Many other industry giants, such as BlackRock, ARK Invest, and Fidelity, have also followed suit with similar filings.

The outlook for Ethereum-based funds had been bleak, as insiders involved in discussions with the SEC reported a lack of engagement from the regulatory body.

However, just days before a May 23rd ruling, the situation began to improve. Bloomberg ETF analysts Eric Balchunas and James Seyffart now estimate a 75% likelihood of the SEC approving a spot Ethereum ETF. They believe that the approval process and political factors are key influences.

Standard Chartered also expresses confidence in the regulatory approval potential for the spot Ethereum ETF. The bank is optimistic about Ethereum’s price, predicting it could reach $8,000 by year-end.

Interestingly, another asset management firm, Franklin Templeton, had its spot Ethereum ETF added to the DTCC list under the trading symbol EZET last month, though it did not garner much market attention at the time.

With the increasing likelihood of ETF approval, Ethereum has surged 31% in the past seven days, currently trading at $3,700.