VanEck's Ethereum spot ETF listed on DTCC under ticker $ETHV

VanEck’s proposed spot Ethereum ETF has appeared on the Depository Trust and Clearing Corporation’s (DTCC) new securities list with the ticker $ETHV. This development comes shortly after Cboe released amended 19b-4 forms.

While the DTCC listing is a crucial step for the ETF, it does not guarantee the US Securities and Exchange Commission’s (SEC) approval, which is still pending.

VanEck’s spot Ethereum ETF application will likely be the first to get a decision from the SEC. The SEC will decide whether to deny or approve the product.

Van Eck filed for a spot Ethereum ETF in September 2023. Many other industry giants like BlackRock, ARK Invest, and Fidelity also followed suit.

The outlook for Ethereum-based funds was previously not promising as people involved in conversations with the SEC stated that there was an ongoing lack of engagement.

However, things started to take a turn just a few days before the May 23 verdict. Bloomberg ETF analysts Eric Balchunas and James Seyffart estimate there is now a 75% chance of SEC approval for a spot Ethereum ETF. They cite staking removal and political issues as the key drivers.

Standard Chartered analysts are also confident in the regulatory approval potential of the spot Ethereum ETF, though previously the analysts suggested the SEC might delay the approval, likely forced by a legal challenge. Additionally, Standard Chartered is bullish on Ethereum’s price, projecting that it is on track to hit $8,000 by year-end.

Meanwhile, Ethereum (ETH) has shown impressive performance following positive developments in the Ethereum ETF. Ethereum surged 8% after Bloomberg analysts raised the odds and extended its rally, breaking through its $3,500 key level. At the time of writing, ETH is trading at around $3,700, up 31% in the last 7 days.