ARK Invest and 21Shares have submitted a request for regulatory authorization regarding an ETF (Exchange-Traded Fund) designed to directly hold Ether (ETH). This petition was recently disclosed in a submission to the U.S. Securities and Exchange Commission (SEC).
The Ark 21Shares Ethereum ETF represents the inaugural endeavor to introduce such a fund in the United States, one that directly invests in ETH, the second-largest cryptocurrency by market capitalization.
The custody of assets for this ETF would be entrusted to the Coinbase Custody Trust Company. Upon the release of this news, Ether and Bitcoin (BTC) initially experienced price surges, but these gains were short-lived, with both cryptocurrencies subsequently returning to their pre-filing levels.
This submission follows a series of applications for a highly sought-after Bitcoin ETF, including a collaborative effort by Ark and 21Shares. Last week, the SEC postponed its decision on all these applications.
Furthermore, this development precedes the anticipated SEC approval of the initial futures-based Ether ETF. The impending decision by the regulatory agency on this matter is projected to be reached on or before mid-October.
Going forward, the industry is likely to advocate for more crypto ETFs, drawing inspiration from the recent legal victory secured by trust issuer Grayscale against the SEC.
In any case, a spot Ether ETF is expected to be a prominent contender, primarily due to its structural similarities to BTC, involving actively traded futures and spot markets on the Chicago Mercantile Exchange (CME), a pivotal regulated platform for institutional investors.
Inaugural Spot Ethereum ETF Filed For By ARK Invest
Subscribe to the CryptoWeekly Newsletter
Get the top stories, funding deals, technical analysis, cryptocurrency jobs and much more delivered to your inbox, every Monday morning.
September 17,2024
Unregistered NFT Offering Costs Flyfish Club $750K
September 17,2024
USDC Issuer Called Out For Slow Response To Lazarus Group Fund Freeze
September 16,2024
Worldcoin Being Investigated By Singaporean Authorities For Potentially Violating Regulations
September 16,2024
Flappy Bird May Be Revived In Web3 Format Despite Original Creator Not Being Involved
September 16,2024
Web3 Fundraising Deals - 10th To 16th September, 2024
September 15,2024
BTC Finally Starts To Recover As Total Crypto Market Cap Up By $70 Billion
September 14,2024
Coinbase Wrapped BTC Reaches Impressive Milestone In Just 24 Hours
September 13,2024
United States SEC Admits Several Cryptocurrencies Are Not Securities
September 13,2024
OpenAI Releases New AI Model Series To Support Smart Contract And Blockchain Capabilities
September 12,2024
Inaugural Congressional Hearing About DeFi Takes Place
September 12,2024
Cardano Hits New Network Milestones As Hoskinson Debunks Faulty Staking Claims
September 11,2024