The previous Ark 21Shares Ethereum ETF has been renamed the 21Shares Core Ethereum ETF, and ARK Invest (ARK) will no longer be working with 21Shares on the proposed Ethereum spot ETF, according to a Form S-1 filed with the SEC on 5/31.
Ark and 21Shares no longer collaborate on Ethereum spot ETF
According to The Block, a 21Shares spokesperson confirmed the change, although 21Shares and ARK will continue to work together on the ARK 21Shares Bitcoin ETF launched in January, as well as other existing futures products.
An Ark spokesperson also stated that Ark believes in the transformative potential of Ethereum and the long-term value of the Ethereum blockchain. However, at present, ARK will not promote the Ethereum ETF, but Ark will continue to evaluate effective methods to provide investors with access to this technology. opportunities for innovative technologies to unleash their full benefits.
Cathie Wood said last week that the Ark 21Shares Bitcoin ETF, which has an expense ratio of just 0.21%, will not be profitable and that Ark treats Bitcoin as a "public good." Although the fee rate of the Ethereum ETF was not disclosed in this S-1 filing, according to a tweet from Bloomberg analyst Eric Balchunas, it is possible that the fee was too low, which led to Ark’s withdrawal. In addition, 21Shares is now gradually developing in the United States. Launch its own brand (its registered place is Switzerland).
21Shares Core Ethereum ETF Participants
According to the S-1 filing, participants in the 21Shares Core Ethereum ETF include:
Exchange: Cboe BZX Exchange
Sponsor: 21Shares US LLC
Trustee: CSC Delaware Trust Company
Ethereum Custodian: Coinbase Custody Trust Company, LLC
Trustee: Bank of New York Mellon
Authorized Participants: Jane Street Capital, LLC, Macquarie Capital (USA) Inc., ABN AMRO Clearing USA LLC and Virtu Americas LLC
This article Ark no longer cooperates with 21Shares Ethereum spot ETF, the fee is too low and there is no profit? First appeared in Chain News ABMedia.
