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- Jim Cramer stated that the approval of the spot ETH ETF will follow soon.
- Cramer highlighted the success of the spot BTC ETFs in the US.
- BlackRock, Fidelity, Franklin Templeton, and others have filed for spot ETH ETFs.
Following the success of spot Bitcoin exchange-traded funds (ETFs) in the United States, the approval of a spot Ethereum is not far, according to Jim Cramer, the host of Mad Money on CNBC.
Cramer’s optimism follows the exceptional performance shown by spot Bitcoin ETFs, as noted by Bloomberg ETF analyst James Seyffart. The 10 spot Bitcoin ETFs have shattered their all-time daily volume record of $4.66 billion since their launch on January 11. The ETFs recorded $7.7 billion in volume on Wednesday.
“Given the success of the bitcoin etf it’s pretty obvious that an Ethereum etf will soon bloom,” Cramer said.
It is important to note that the topic of an Ethereum ETF gained traction in January when Hester Pierce, a commissioner at the U.S. Securities and Exchange Commission (SEC), expressed hope over spot ETH ETF approvals.
Pierce stressed the need for “regular way considerations” to spot ETF products without resorting to court orders, drawing parallels with the approval process for spot BTC ETFs in an interview on January 24.
“We shouldn’t need a court to tell us that our approach is ‘arbitrary and capricious’ in order for us to get it right,” Peirce noted while adding, “That’s not how we’re going to do our approvals.”
Prominent investment management firms have filed applications for the approval of a spot ETH ETF with the SEC, including BlackRock, Fidelity, and Franklin Templeton. Additionally, on February 17, VanEck submitted an updated S-1A for their spot Ethereum ETF filing.However, the SEC has delayed its decision on applications from BlackRock and Fidelity, stating that it needs more time.
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