– VanEck and ARK 21Shares have filed for the first-ever Ether (ETH) spot Exchange-Traded Fund (ETF) in the US.
– Chicago Board Options Exchange’s (CBOE) BZX exchange has submitted applications to launch the first spot Ether ETFs in the US.
– Coinbase Custody would serve as the custodian for both ETFs.
– The announcement of the Ether ETF filings briefly affected the prices of BTC and ETH.
– The SEC has favored futures-based ETFs for Bitcoin and hasn’t approved any Ether ETFs yet.
– Fund managers have submitted numerous applications for Bitcoin spot ETFs and Ether futures ETFs after Grayscale’s court victory.
– The SEC’s final decision on the ETF applications is expected by May 23, 2024.
– Grayscale’s spot Bitcoin ETF bid could influence the outcome of these applications.
– There is optimism in the crypto industry that the SEC will approve a spot Bitcoin ETF after the recent court ruling.
Investment manager VanEck and ARK 21Shares have filed for the first-ever Ether (ETH) spot Exchange-Traded Fund (ETF) in the United States. They have submitted applications with the Chicago Board Options Exchange’s (CBOE) BZX exchange to launch spot ether ETFs, seeking regulatory approval. The ETFs would track the performance of ETH by holding the cryptocurrency directly. The trust’s custodian for both ETFs would be Coinbase Custody. The announcement of the Ether ETF filings briefly influenced the prices of Bitcoin and Ethereum, but the assets soon returned to their pre-announcement values. The SEC has yet to approve any Ether ETFs, citing Ethereum’s price volatility and regulatory uncertainties. However, recent events have led to an increase in ETF applications for both Bitcoin and Ether. The SEC’s final decision on the ETF applications is expected by May 23, 2024. This decision may be influenced by the SEC’s response to Grayscale’s spot Bitcoin ETF bid, as they argue that there is no longer justification for favoring futures-based Bitcoin ETFs over spot ETFs. There is optimism in the crypto industry that a spot Bitcoin ETF will be approved following a recent court ruling.
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