It’s been a long road to approval for Ethereum-based spot exchange-traded funds (ETFs), but the highly anticipated products are set to begin trading as early as next week.

According to a Monday report from Bloomberg’s senior ETF analyst, the U.S. Securities and Exchange Commission (SEC) told spot ether ETF issuers to return the final S-1 forms on Wednesday, which would clear the funds for launch on July 23.

The price of ether was tracking 6% higher at the time of writing, trading at around $3,490, according to data from CoinMarketCap.

Eight issuers, which include BlackRock, 21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton and Invesco have been gearing up to launch their ether-based funds since September 2023. 

While market participants weren’t initially optimistic on the outlook for an ether-based spot ETF being approved, things started looking up after the SEC approved key regulatory filings from issuers in May.

Initial estimates had industry watchers put July 4 down as a potential launch date for these funds, as issuers and SEC staff worked out the finishing touches on applications. 

Sources told Reuters that three issuers — BlackRock, Franklin Templeton and VanEck — had received preliminary approval from the SEC for their funds to begin trading next Tuesday.

If the launch does go ahead as planned, the following week will likely be a big one for the crypto industry, seeing as spot ether ETFs would go live around the same time as the Bitcoin 2024 conference in Nashville. 

Bitwise CIO Matt Hougan estimates that spot ether ETFs could attract $15 billion worth of inflows in the first 18 months of trading.

Hougan noted that his calculations haven’t taken into account “multiple tailwinds” for Ethereum’s growth, such as the rise of stablecoins, more regulatory clarity, and the impact of the Dencun upgrade, which lowered transaction costs on the blockchain.

“ETH is a compelling asset powering the world’s most versatile blockchain. But even $15 billion in net new demand will have a dramatic impact on the Ethereum market,” Hougan said.