Ethereum’s price has witnessed a significant surge of approximately 11%, reaching $1,700, following reports suggesting that the U.S. Securities and Exchange Commission (SEC) is on the verge of approving the first-ever exchange-traded funds (ETFs) based on Ethereum futures. This information, reported on August 17 by Bloomberg, is based on anonymous sources who are privy to the developments.
The SEC seems to be in no mood to obstruct the applications of nearly a dozen companies, including big names like ProShares, Volatility Shares, Bitwise, and Roundhill. These firms have recently submitted their applications to introduce Ethereum futures ETFs. While it’s still ambiguous which specific ETF applications will get the green light from the SEC, indications from officials suggest that multiple filings could be approved as early as October.