The US Securities and Exchange Commission has paved the way for the potential launch of eight exchange traded funds tied to the world’s second-largest digital coin, following the regulator’s approval of the first bitcoin ETFs earlier this year.
The regulator on Thursday approved rule changes in support of ETFs that invest in ether, the native cryptocurrency of the ethereum blockchain, for several groups including BlackRock, Fidelity, Invesco and Ark Invest. A second round of approvals will be needed before the products can launch.
Widespread anticipation of the approvals has sent ether’s price soaring more than 20 per cent since Monday and more than 60 per cent year-to-date.
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