What looked unlikely less than three months ago becomes a reality today. The first-ever spot Ethereum exchange-traded funds will begin trading in the U.S. Tuesday morning when the opening bell rings at 9:30 a.m. EST.

The U.S. Securities and Exchange Commission allowed S1 registration statements to become effective on Monday afternoon, which marked the final sign-off for those funds representing the world's second-largest cryptocurrency to begin trading.

"While many see bitcoin's key appeal in its scarcity, many find Ethereum's appeal in its utility," Jay Jacobs, BlackRock’s U.S. head of thematic and active ETFs, said Monday in a post on X. "You could think of Ethereum as a global platform for applications that run without decentralized intermediaries."

Eight issuers will debut their …