- Two Senior Bloomberg ETF analysts believe that futures ETF could start trading as early as next week.
- The analysts believe that the looming shutdown is a result of the US Congress failing to agree on Government funding for the fiscal year, forcing SEC to speed up some of its activities.
- Judging from the excitement on the internet, the approval for VanEck’s Ethereum Futures ETF (EFUT) is on its way.
There is an impending shutdown of the U.S. government that is likely to occur on Oct. 1 at 12.01 a.m. ET in the event Congress fails to agree on or provide funding for the new fiscal year, this will impact the Government agencies including the country’s financial regulators among other federal agencies.
Following this development, The U.S. Security Exchange Commission intends to clear its desk which could include approvals for Ether futures ETFs according to Bloomberg Intelligence analyst Eric Balchunas. The analyst made this remark on his official X (formerly Twitter) handle.
“Ether futures ETFs could be trading as early as Tuesday as the SEC looks to speed things up in order to get it done before the looming shutdown, just like they sped up delays on spot bitcoin ETFs. If so, then issuers must be in haste to update documents”.
This comment was further shared by another senior analyst from Bloomberg James Seyffart, who made the following comments on X:
There are currently several crypto ETFs in the queue waiting for approval from the U.S. regulator including 15 Ether futures ETFs from nine issuers.
Firms that are on the queue for Ether futures or hybrid ETF approvals include; VanEck, ProShares, Grayscale, Volatility Shares, Bitwise, Direxion and Roundhill.
Heightened activities over the last 12 hours
On an update post made on the 29th, Eric Balchunas shared a further update intimating that one of the firms waiting for approvals, VanECK, is officially active and that the launch was imminent,
“VanEck is officially effective! This means the launch is imminent (likely Monday morning). Also, the first time we’ve seen a fee in any of these as well, which will be 66bps. This could matter as ProShares (who we hear is also planning for Monday) is likely to be priced at 95bps”
This was followed by an update from James Seyffart saying that VanEck had officially filed an updated prospectus from their Ether Futures ETF in what he thought could be a preparation for a Monday launch.
All these posts could not be confirmed conclusively because according to James, the Security Exchange Commission’s website was down when they made their final posts.
VanEck describes itself as a global investment manager with offices around the world and over $65 billion in assets. The investment firm has tried several times to have its ETF listed which was supposed to enable the investors to purchase shares that represent the underlying asset. SEC has delayed the approval for VanEck several times, beginning in 2017 when an application for the first ever Bitcoin spot ETF in the United States was denied, another application was denied in 2021, and in June of 2022, VanEck filed its third application with SEC but the application has experienced delays.
At the time of this article, it seems activities are rife on social media with two ads coming from VanEck which signals the fact that their must-awaited Ethereum Strategy ETF – ticker EFUT is coming soon.
The ad is themed “Enter the Ether”.
VanEck has also published a press statement to the effect that their EFUT is coming soon and will be listed in the Chicago Board Options Exchange and it will be managed by Greg Krenzer, head of active trading at VanEck.
It is a wait-and-see situation whether the remaining firms in the queue for approvals will also have a reason to celebrate.