Jim Cramer predicts that the spot ETH ETF approval is imminent, citing the success of spot BTC ETFs in the US. Major firms like BlackRock, Fidelity, and Franklin Templeton have already filed for spot ETH ETFs.
Jim Cramer, the host of Mad Money on CNBC, believes that just like spot Bitcoin exchange-traded funds (ETFs) succeeded in the United States, the approval for a spot Ethereum ETF is on the horizon.
Spot Ethereum ETF Approval Expected Soon, Says Jim Cramer
Jim Cramer’s optimism stems from the remarkable performance of spot Bitcoin ETFs, as highlighted by Bloomberg ETF analyst James Seyffart. Since their launch on January 11, the 10 spot Bitcoin ETFs have broken their all-time daily volume record of $4.66 billion, reaching a staggering $7.7 billion in volume on Wednesday.
Cramer commented, âGiven the success of the bitcoin ETF itâs pretty obvious that an Ethereum ETF will soon bloom.â
The topic of an Ethereum ETF gained momentum in January following comments from Hester Pierce, a commissioner at the U.S. Securities and Exchange Commission (SEC). Pierce expressed optimism regarding the approval of spot ETH ETFs, further fueling expectations for their imminent approval.
SEC Commissioner Emphasizes Need for Streamlined Approval Process
Hester Pierce, a commissioner at the U.S. Securities and Exchange Commission (SEC), underlined the importance of streamlining the approval process for spot ETF products during an interview on January 24. Pierce stressed the need for “regular way considerations” to avoid resorting to court orders, citing the approval process for spot BTC ETFs as a reference point.
“We shouldnât need a court to tell us that our approach is âarbitrary and capriciousâ in order for us to get it right,” Pierce remarked, highlighting the SEC’s commitment to improving approval procedures.
Spot ETH ETF Pursued, SEC Delays BlackRock and Fidelity Applications
Several prominent investment management firms, including BlackRock, Fidelity, and Franklin Templeton, have filed applications for the approval of spot ETH ETFs with the SEC. Additionally, on February 17, VanEck submitted an updated S-1A for their spot Ethereum ETF filing.
Despite the growing interest and submissions, the SEC has postponed its decision on applications from BlackRock and Fidelity, indicating a need for more time to review the filings.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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