In recent weeks, the possible arrival of an Ethereum (ETH) futures exchange traded funds (ETF) at the center of Ethereum news. About a month ago, six mutual funds applied for a futures-based exchange fund and some are rumored to get the green light from the US before October Securities and Exchange Commission (SEK). The search for a spot ETF for Ethereum is now open. The investment companies VanEck and Ark Invest have submitted an application to the financial regulator.
Ethereum spot ETF
On September 6, the Chicago Board Options Exchange (CBOE) filed two 19b-4 filings with the SEC requesting that the investment products “ARK21Shares Ethereum ETF” and “VanEck Ethereum ETF” be listed on the CBOE’s BZX Exchange.
As the name suggests, Ark Invest, the asset management company for well-known Bitcoin (BTC) bull Cathie Wood has teamed up with 21Shares. The two have also jointly applied to the regulator for a Bitcoin spot ETF.
James Seyffart, ETF analyst at Bloomberg, noted this in a series inform At
Ark Invest filed its S-1 filing a few hours before the 19b-4 filing, and VanEck had already filed it in July 2021. An S-1 filing indicates a company’s intention to list a specific investment product on a national stock exchange.
Seyffart also stated that he expects more applications for ETH spot ETFs in the coming days.
For now, the securities regulator must review the 19b-4 filings and make a decision. However, as with all Bitcoin applications, the SEC has the right to postpone the final decision several times.
ETH is chasing BTC
The SEC is increasingly concerned with applications for crypto exchange funds. Bitcoin spot ETF efforts are currently intriguing many crypto investors as their approval is expected to provide a huge boost to adoption.
The US market has been waiting for a spot ETF for Bitcoin for years, but the SEC has rejected all applications so far. The regulator currently has seven applications for a Bitcoin exchange fund on the table, including one from giant asset manager BlackRock. Recently, the SEC’s first deadline passed and the regulator postponed all decisions.
Currently there are only Bitcoin futures ETFs in the US, but the financial giants are now doing everything they can to change that.