ProShares joins the race with a new spot Ether ETF proposal, marking another significant step in the growing adoption of cryptocurrency investment vehicles.

In a recent development, the United States Securities and Exchange Commission (SEC) has taken a significant step by considering an application for a spot Ether (ETH) exchange-traded fund (ETF) from asset manager ProShares. This move comes approximately three weeks after the SEC approved filings from eight other asset management firms for similar investment products.

On June 10, the SEC disclosed that the New York Stock Exchange (NYSE) Arca had proposed a rule change to allow the listing and trading of shares of the ProShares Ethereum ETF. The commission has invited public comments on the ETF application for a period of 21 days following its publication in the Federal Register. Subsequently, the SEC will have 45 days to approve, disapprove, or extend the review period for this application.

Earlier, on May 23, the SEC approved 19b-4 filings from eight asset managers, which marks the initial step towards listing and trading spot Ether ETFs on U.S. exchanges. However, for these ETFs to officially commence trading, the SEC must also approve the S-1 registration statements, a process that could extend over several months. Experts, however, anticipate that this approval might be granted as early as July.

"Instinct initially says [the ProShares ETF] won’t launch on day 1 with the other ETFs whenever that is but who knows,” commented ETF analyst James Seyffart in a June 10 post on X (formerly Twitter). “This is interesting.”

ProShares has a notable history in the ETF market. In October 2023, it was among the first asset managers to secure SEC approval for a spot investment vehicle linked to ETH futures. ProShares also offers a Bitcoin Strategy ETF on NYSE Arca, trading under the ticker BITO.

Despite the filing, it remains uncertain whether the SEC will ultimately approve ProShares’ spot Ether ETF. The current filing indicates that the commission is merely considering the application at this stage.

As the SEC continues to evaluate these proposals, the potential launch of spot Ether ETFs represents a significant development in the mainstream adoption of cryptocurrency investments in traditional financial markets.