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Amid developments in the approval process for spot Ethereum ETFs, the value of several bitcoin miners and bitcoin-related stocks fell, as did broader stock markets on Thursday.
On Thursday afternoon, the U.S. Securities and Exchange Commission (SEC) approved eight spot Ethereum ETFs, approving forms 19b-4 from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton.
Hut 8 shares led the stock decline, falling 10%, while other miners such as Riot Platforms and Marathon Digital lost about 7.6% and 5.5%, respectively. MicroStrategy, which is considered by many to be a reflection of the bitcoin price because it holds a large amount of bitcoin, fell 6.2%.
Shares of several spot bitcoin ETFs fell between 3% and 4%; But according to one sell-side analyst, these declines may be a blip on the radar.
“Today’s price action … appears to be a modest pullback, but we believe a positive supply-demand dynamic will support upward price movement in the coming months,” Mark Palmer, an equity research analyst at Benchmark, told The Block. “The approval of a spot Ethereum ETF fits into a much more positive government regulatory narrative towards crypto in the US.”
Before spot Ethereum ETFs can be launched, the SEC must approve form 19b-4 and then S-1 registration statements must go into effect before the ETFs can begin trading.
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