VanEck has just taken a major step toward approval of a spot Ethereum ETF, marking a potential breakthrough for the crypto industry. Thus, it has just been reported that a major portfolio manager has filed Form 8-A, which is an important procedural step in the ETF approval process.

This action could also signal the imminent approval of an exchange-traded fund for the main altcoin, when a similar action from VanEck in the past preceded the approval of the Bitcoin ETFs by exactly seven days.

Form 8-A is a filing for the SEC used by a company to register a class of securities for trading on a public exchange. When a company submits such a form, it signifies their intention to list and trade their securities on platforms like the NYSE or Nasdaq.

Such a development could signal that VanEck has gotten the green light to file an application from the regulator. Bloomberg senior ETF expert Eric Balchunas writes that the action is a "good sign" and that approval of spot Ethereum ETFs could happen within seven days before July 2.

The date right before Independence Day in the U.S. has been called before for the altcoin's ETF approval. Balchunas and other industry experts, including Nate Geraci, have speculated that the SEC could give approval to ETH ETFs very soon, before that holiday. The new development from VanEck seems to fit perfectly into such a scenario.

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.