The US Securities and Exchange Commission (SEC) has added a spot Ethereum exchange-traded fund (ETF) application from asset manager ProShares.

This development came after ProShares filed a proposal to list and trade spot Ethereum ETF shares on the New York Stock Exchange (NYSE) on June 6.

In a June 10 filing, the SEC noted that NYSE Arca proposed a rule change to facilitate this listing. The public now has 21 days to comment on the application. Meanwhile, the SEC has 45 days to decide, potentially by late July 2024.

However, this acknowledgment does not equate to approval. It only indicates that the SEC has received and is reviewing the filing.

Read more: Ethereum ETF Explained: What It Is and How It Works

ProShares’ entry into the spot Ethereum ETF market follows several other potential issuers whose 19b-4 filings were approved in May 2024. Bloomberg Intelligence ETF analyst James Seyffart commented on the timing of ProShares’ move.

“Instinct initially says this won’t launch on day 1 with the other ETFs whenever that is but who knows. This is interesting. […] It’s intriguing that ProShares is jumping in late though,” he said.

In another development, the SEC approved Ark Invest’s exit from a joint ETF application with 21Shares. This approval allows 21Shares to proceed independently. The SEC waived the usual 30-day delay, making the change effective immediately. The decision was based on the assessment that it does not significantly impact investor protection or competition.

Ark Invest and 21Shares announced their split on May 31. A newly amended S-1 form reveals that the spot Ethereum ETF will change its name from ARK 21Shares Ethereum ETF to 21Shares Core Ethereum ETF.

A spokesperson from Ark Invest mentioned they would not proceed with an Ethereum ETF without providing a specific reason. However, Ark remains active with its spot Bitcoin ETF, ARK 21Shares Bitcoin ETF (ARKB).

Despite these developments, potential spot Ethereum ETF issuers are still awaiting feedback on their S-1 filings submitted on May 31. The SEC’s comments, initially expected by June 7, have yet to be received by at least two issuers.

A recent report reveals that issuers anticipate feedback this week. This update follows SEC Chair Gary Gensler’s remarks on CNBC that the approval process for S-1 forms would “take some time.”

The approval process for these ETFs involves two steps: the 19b-4 filing and the S-1 filing. The S-1 forms are currently under review. Bloomberg Intelligence ETF analyst Eric Balchunas previously indicated that another round of fine-tuning comments from the SEC staff would likely precede the final approval.

Read more: How to Invest in Ethereum ETFs?

Nevertheless, the acknowledgment of ProShares’ spot Ethereum ETF application and the approval of Ark Invest’s split from 21Shares represent significant progress in the crypto ETF sector. This highlights regulatory recognition and potential market expansion.