Ethereum (Ether) is at the forefront of asset management firms’ exploration of digital asset offerings, with Invesco and Galaxy Digital filing applications for a spot Ether exchange-traded fund (ETF) on Sept 29.
Bloomberg’s ETF analyst, James Seyffart, disclosed that the submission had been made on X (formerly Twitter). It should be noted that the application has not yet appeared in the SEC’s public database.
The application verification was declined by an Invesco spokesperson, who cited the company’s policy of refraining from commenting on products still in the registration process. Despite reaching out to Galaxy, they have yet to respond.
On Sept 29, Invesco and Galaxy joined the expanding list of investment managers seeking regulatory approval for a spot Ether (ETH) ETF. This comes just two days after the SEC postponed its decisions on prior applications from ARK 21Shares and VanEck, extending the deadline to Dec 25-26. The SEC explained that they need more time to thoroughly assess the proposal and address associated concerns.
Futures-Based Ether ETFs On The Horizon As Investment Firms Prepare
Spot Ether ETFs may not arrive soon, but signs point to upcoming futures-based options. Investment firms have already begun preparations to introduce ETH futures offerings to their portfolios as of Sept 28. One example is VanEck, which recently announced the upcoming Ethereum Strategy ETF (EFUT). This fund will be listed on the Chicago Board Options Exchange shortly.
Valkyrie, a new player in the futures-based crypto ETFs, has joined the arena. The asset manager aims to offer exposure to Ethereum futures by integrating them into its existing Bitcoin Strategy ETF, which has been rebranded as Valkyrie Bitcoin and Ethereum Strategy ETF. As per a spokesperson from Valkyrie, this revamped Bitcoin Strategy ETF will provide investors with convenient access to both Ether and Bitcoin futures under one umbrella.
However, Bitwise recently filed a revised prospectus for their equal-weight Bitcoin and Ethereum futures ETF on Sept 28. The company plans to make it operational in the upcoming week. James Seyffart reported that Proshares has recently applied for a similar ETF. Additionally, it is worth noting that Kelly ETFs will be partnering with Hashdex to introduce futures-based Ether ETFs shortly.
Ether is currently experiencing a surge in positive momentum. It is trading at $1,676, and this increase can be attributed to the excitement surrounding the introduction of futures ETFs.
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