The Securities and Exchange Commission (SEC) has approved nine Spot Ether ETFs for trading, highlighting the exchange-traded funds’ anticipated launch on Tuesday. In an X post, Coinbase hailed the much-awaited ETF launch as a significant milestone that opens up new opportunities for the expansion and diversification of the crypto economy.
ETH ETFs have arrived.
Today, the SEC approved 9 spot ETH ETF applications. Their much celebrated arrival marks another important milestone for crypto in expanding access to and diversifying our cryptoeconomy.
Here’s why 🧵 pic.twitter.com/o6KfgGlUDn
— Coinbase 🛡️ (@coinbase) July 22, 2024
Coinbase pointed to the efficiency of the Ethereum ecosystem, which boasts more than 15 million monthly active addresses and 300% growth in smart contracts. While ETH ETFs facilitate access to a differentiated crypto asset, increased acceptance of ETH ETFs could help advance Ether’s utility and contribute to the ecosystem’s overall development. In addition, the Spot Ether ETF launch could boost the growth and innovation of the global crypto market.
Meanwhile, Coinbase CEO Brian Armstrong emphasized another significant aspect of the launch, highlighting, “Ether is not a security.” His X post read:
“Another huge step forward for regulatory clarity: ETH is not a security! We’ve been saying it for years and today the SEC finally made it official. Coinbase is proud to be the trusted partner and custodian powering 8 of the 9 newly approved ETH ETFs.”
Subsequent to the ETF launch, Bloomberg’s ETF analyst Eric Balchunas reflected on BlackRock’s ETF Head Jay Jacobs’ insights on the asset manager’s Ether ETF, ETHA. Jacobs’ view was centered around Ether’s utility, in contrast to Bitcoin’s scarcity. He asserted that Ethereum could be seen as a global platform for applications built without decentralized intermediaries. With a collective Asset Under Management (AUM) of over $15 trillion, the ETH ETF issuers are poised to revolutionize the crypto space.
Despite analysts’ predictions of Ether’s surge following the ETF launch, ETH is currently moving on a bearish track, marking a decrease of 1.70% over the last day. The token has experienced slight declines of 0.14% and 1.60% over the last week and month, respectively.
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