SEC Reviews ProShares' Ethereum ETF Application

The SEC has approved eight 19b-4 applications for Ethereum ETFs in May. Now, ProShares may be on the verge of launching another ETH index fund.

Three weeks after the approval of eight Ether ETF applications, the SEC is reviewing ProShares' application. The New York Stock Exchange has proposed a rule change that would enable listing and trading of the ProShares ETF.

ProShares is a well-established player in the crypto ETF market, having received SEC approval for an investment product linked to Ether futures.

After publishing the application in the Federal Register, the SEC has 21 days to solicit public comments on the Ether ETF application. This gives the SEC 45 days to approve, deny, or delay the decision.

"First instinct says [the ProShares ETF] won't start with the other ETFs on day one, whenever that is, but who knows," commented Bloomberg ETF analyst James Seyffart on Twitter.

However, it remains unclear whether the SEC will ultimately approve ProShares' Spot Ether ETF application. Of the eight potential ETF issuers, only the 19b-4 applications have been approved so far.

The final approval requires the SEC to also approve the S-1 applications for the Spot Ether ETFs. Only then can the official trading start.

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