[HN Gopher] SEC approves spot Ethereum ETFs [pdf]
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       SEC approves spot Ethereum ETFs [pdf]
        
       Author : yuvadam
       Score  : 15 points
       Date   : 2024-05-23 21:14 UTC (1 hours ago)
        
 (HTM) web link (www.sec.gov)
 (TXT) w3m dump (www.sec.gov)
        
       | monero-xmr wrote:
       | HN said it would never happen! Add ETH to your 401k and pension
       | today!
        
         | paulpauper wrote:
         | And some said it would
         | 
         | no thanks. i would rather buy tech companies. actual profits
         | and earnings
        
           | hanniabu wrote:
           | The network does have revenue, but I have a hunch that you
           | don't actually care
        
         | jakupovic wrote:
         | HN is full of deniers. This is never going to happen, this is
         | not a good idea, someone else does it better. All of the things
         | one can come up to excuse their own lack of knowledge. My
         | favorite so far are Bitcoin or crypto in general, obviously
         | this case. Also, Kubernetes was something that would never work
         | or be useful and look now ...
        
       | chollida1 wrote:
       | Note that there are two forms that need to be approved.
       | 
       | The 19b-4 rules form change and the S-1, which is the individual
       | listings.
       | 
       | They have done the former here.
       | 
       | It only took 4 days between the 19b-4 approval and S-1 approval
       | for BTC but you should expect it to be weeks for the S-1 forms.
       | 
       | So the SEC has not yet approved spot Ethereum ETF's. They could
       | ban S-1's base don staking or based on not being able to declare
       | they wouldn't hold any tornado cash based coins, etc.
       | 
       | What's most interesting about t his is the about face the SEC did
       | about 3 days ago.
       | 
       | Up until then ETHE traded at a 30% NAV discount and then suddenly
       | snapped to about a 6% NAV discount early this week. Its rumored
       | that this was as a result of a policy change in the white house
       | and the delay in releasing this document today was due to the
       | speed in which the SEC "changed their mind" and they needed a bit
       | more time to write an approval for the rule change amendment.
       | 
       | Expect Staking to be disallowed as a concession for atleast the
       | initial wave of ETF approvals. Also expect the SEC to allow ETHE
       | to convert and the other ETF applications to all happen on the
       | same day like they did with the BTC ETF's.
        
         | yuvadam wrote:
         | Timeline for S-1 approval might even take months, but hard to
         | see how the SEC backpedals on this.
        
         | TacticalCoder wrote:
         | > Up until then ETHE traded at a 30% NAV discount...
         | 
         | In case anyone is wondering, like I did, what "ETHE" is, it's
         | Grayscale's Ethereum ETF ticker:
         | 
         | https://finance.yahoo.com/quote/ETHE
        
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       (page generated 2024-05-23 23:02 UTC)