On July 23, 2025, a major milestone in the convergence of traditional finance and digital assets is set to unfold: the official launch of multiple Ethereum spot ETFs on U.S. exchanges. This pivotal event marks the culmination of years of regulatory scrutiny, institutional interest, and market anticipation.
According to the latest announcement from the Chicago Board Options Exchange (CBOE), five Ethereum spot ETFs are scheduled to begin trading on July 23, 2025, following final approval of their S-1 registration statements. The U.S. Securities and Exchange Commission (SEC) had previously greenlit the 19b-4 filings for eight major financial institutions in May 2025, clearing the path for listing. With leading asset managers like BlackRock, Fidelity, and ARK Invest now having submitted their S-1 forms, the launch is all but confirmed.
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Ethereum Spot ETF vs. Ethereum Futures ETF: Key Differences
Understanding the distinction between spot and futures ETFs is crucial for investors navigating this new landscape.
An Ethereum spot ETF holds actual ETH tokens as its underlying asset. This direct ownership model ensures that the fund’s performance closely tracks the real-time price of Ethereum, offering investors pure exposure to the asset’s value. It functions similarly to holding physical shares or gold in a trust.
In contrast, an Ethereum futures ETF invests in ETH futures contracts—agreements to buy or sell Ethereum at a predetermined price on a future date. These contracts are subject to market dynamics such as contango and backwardation, which can distort long-term returns. Additionally, futures-based products often incur higher rollover costs and may not perfectly mirror spot prices.
| Feature | Spot ETF | Futures ETF |
|---|---|---|
| Underlying Asset | Physical ETH | ETH Futures Contracts |
| Price Correlation | Direct and immediate | Indirect, with potential slippage |
| Risk Profile | Lower structural risk | Higher volatility due to contract mechanics |
| Management Costs | Typically lower | Often higher due to rolling contracts |
| Investor Appeal | Ideal for long-term holders | Suited for short-term traders |
The approval of spot ETFs represents a stronger endorsement of Ethereum’s legitimacy as an investable asset class, reducing reliance on derivatives and enhancing transparency.
How Ethereum Spot ETF Approval Works: The SEC Process
The journey to ETF approval follows a structured timeline governed by the SEC. Once an institution files its proposal, it enters the Federal Register, triggering a 240-day review period. This period is divided into four phases:
- Phase 1: 45 days
- Phase 2: 45 days
- Phase 3: 90 days
- Phase 4: 60 days
At each stage, the SEC must either approve the application, reject it, or extend the review. Historically, extensions have been common, especially for novel financial products like crypto ETFs. However, following the precedent set by Bitcoin spot ETF approvals in early 2025, regulators appear increasingly comfortable with Ethereum’s market maturity and regulatory safeguards.
Notably, VanEck and Kryptoin were among the first to file for an Ethereum spot ETF back in 2021. Since then, giants like BlackRock and Fidelity have joined the race, signaling broad institutional confidence.
Ethereum Spot ETF Approval Timeline and Issuers
Nine major financial firms have submitted applications for Ethereum spot ETFs, each bringing unique strengths and strategic positioning. Below is a detailed overview of their status and timelines:
BlackRock – iShares Ethereum Trust
- AUM: $8.6 trillion
- Filing Date: November 15, 2023
- Exchange: Nasdaq
- Status: Awaiting final S-1 approval
As the world’s largest asset manager, BlackRock’s entry into the crypto space has been a catalyst for market optimism. Its iShares brand is synonymous with trust and scale.
Fidelity – Fidelity Ethereum Fund
- AUM: $4.9 trillion
- Filing Date: November 17, 2023
- Exchange: Cboe BZX
- Status: Third-stage review completed
Fidelity has long been involved in blockchain research through Fidelity Digital Assets and already manages one of the largest Bitcoin spot ETFs.
ARK Invest & 21Shares – ARK 21Shares Ethereum ETF
- Combined AUM: ~$17 billion
- Filing Date: September 6, 2023
- Exchange: Cboe BZX
- Status: Final review phase
Led by Cathie Wood, ARK Invest is known for bold bets on disruptive technologies, making Ethereum a natural fit for its portfolio strategy.
VanEck – VanEck Ethereum Trust
- AUM: $76.4 billion
- Filing Date: July 5, 2021
- Exchange: Cboe BZX
- Status: Longest-running application; final decision expected soon
VanEck was a pioneer in pushing for crypto ETFs and remains a strong contender due to its early mover advantage.
Invesco & Galaxy – Invesco Galaxy Ethereum ETF
- Combined AUM: $1.5 trillion+
- Filing Date: September 29, 2023
- Exchange: Cboe BZX
- Status: Final review phase
Backed by Galaxy Digital, this partnership blends traditional finance expertise with deep crypto-native insight.
Grayscale – Grayscale Ethereum Trust (ETHE)
- AUM: ~$5 billion in ETH holdings
- Filing Date: October 3, 2023
- Exchange: NYSE Arca
- Status: Conversion from trust to ETF pending
After winning a landmark legal case against the SEC regarding GBTC’s conversion to an ETF, Grayscale is widely expected to succeed with ETHE as well.
Franklin – Franklin Ethereum ETF
- AUM: $1.5 trillion
- Filing Date: February 22, 2024
- Exchange: Cboe BZX
- Status: Second-stage review
Franklin has shown growing commitment to digital assets, including tokenized funds and managed crypto accounts.
Bitwise – Bitwise Ethereum ETF
- AUM: $1.2 billion
- Filing Date: March 28, 2024
- Exchange: NYSE Arca
- Status: First-stage review
As one of the most experienced crypto-native asset managers, Bitwise brings deep technical understanding to its ETF design.
Hashdex – Hashdex Nasdaq Ethereum ETF
- AUM: $440 million
- Filing Date: September 13, 2023
- Exchange: Nasdaq
- Status: Final review phase
Unique in its hybrid approach—combining spot ETH, futures, and cash—this structure may offer regulatory advantages.
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Why Institutional Adoption Matters
The surge in Ethereum’s price—from $3,000 to over $3,800 in May 2025—was directly tied to rising expectations around ETF approval. Analysts at Bloomberg, including James Seyffart and Eric Balchunas, raised their probability estimate to 75%, reflecting increased confidence in regulatory clearance.
This momentum mirrors the Bitcoin ETF cycle of 2024, where institutional validation triggered a bull market. With ETH’s robust ecosystem—spanning DeFi, NFTs, and smart contracts—investor demand is poised to grow even further once spot ETFs become widely available.
Frequently Asked Questions (FAQ)
Q: What is an Ethereum spot ETF?
A: It's an exchange-traded fund that directly holds Ethereum tokens, allowing investors to gain exposure without managing private keys or using crypto exchanges.
Q: When will ETH ETFs start trading?
A: Trading is expected to begin on July 23, 2025, pending final S-1 approvals from the SEC.
Q: Which companies are launching ETH ETFs?
A: Major players include BlackRock, Fidelity, ARK Invest, VanEck, Grayscale, Invesco, Franklin, Bitwise, and Hashdex.
Q: How does an ETH spot ETF differ from a futures ETF?
A: A spot ETF holds actual ETH, while a futures ETF uses derivatives contracts. Spot ETFs offer more accurate price tracking and lower long-term costs.
Q: Will ETH price rise after ETF approval?
A: Historical trends suggest yes—Bitcoin’s price surged after its spot ETF launch in 2024. Similar demand dynamics could drive ETH higher.
Q: Can I buy ETH ETFs through my regular brokerage?
A: Yes—once approved, these ETFs will be available through major platforms like Fidelity, Charles Schwab, and others.
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