Ethereum ETFs Set to Begin Trading on July 23

The highly anticipated launch of spot Ethereum exchange-traded funds (ETFs) is set to begin on July 23, according to a recent announcement by exchange Cboe. These ETFs, including notable offerings from Fidelity and VanEck, mark a significant milestone in the cryptocurrency investment landscape.

Cboe, a key platform for many of these new Ethereum ETFs, confirmed that trading would commence next week. Among the ETFs ready to make their debut are the Fidelity Ethereum Fund, the Franklin Ethereum ETF, the Invesco Galaxy Ethereum ETF, the VanEck Ethereum ETF, and the 21Shares Core Ethereum ETF.

"We are pleased to announce that 1 Exchange Traded Product ('ETP') will be listed on Cboe and will begin trading as a new issue on July 23, 2024," stated the exchange in a procedural new issue notification.

These announcements follow the U.S. Securities and Exchange Commission's (SEC) approval of 19b-4 forms in May, a necessary step for firms looking to launch their spot Ethereum ETFs. However, the firms still need their registration statements to become effective before they can officially launch. Bloomberg Senior ETF Analyst Eric Balchunas has indicated that firms plan to "request effectiveness" on Monday, anticipating that trading will indeed begin on July 23.

Additionally, the firms have disclosed their fee structures in amended registration statements. Fidelity, for instance, has set its fee at 0.25% and will waive it through the end of 2024. Franklin Templeton will waive its fee until January 31, 2025, on the first $10 billion of the fund's assets. VanEck plans to waive its fee for a year after the fund is listed, up to the first $1.5 billion. Meanwhile, 21Shares has set a 0.21% fee, to be waived for six months or until the fund reaches $500 million in assets, whichever comes first.

This wave of Ethereum ETFs is expected to provide investors with new opportunities to gain exposure to Ethereum, further solidifying its position in the financial markets.