ProShares wants to trade Ethereum ETFs on the New York Exchange

Exchange-traded fund issuer ProShares plans to trade units of an Ethereum (ETH)-based spot ETF on the New York Stock Exchange (NYSE).

ProShares has filed an application with the US Securities and Exchange Commission (SEC) asking for permission to list the ProShares Ethereum ETF on the NYSE. The cryptocurrency is going to be stored in the Coinbase custodial service, which operates in accordance with the laws of the state of New York.

The SEC has 45 days to study the ProShares proposal. At the same time, the regulator can extend this period to 90 days; accordingly, a decision on the company’s application submitted on June 6 will be made no later than September 4. The head of the commission, Gary Gensler, recently stated that the department does not intend to delay the verdict, and the duration of consideration of applications from ProShares and other firms will depend on Oh, how quickly officials will receive answers to their questions.

However, ProShares had to abandon the idea of ​​staking Ethereum coins, which will be bought when the fund shares are issued. Accordingly, investors will lose part of the profit. Now blocking ETH brings income of up to 6% per annum. The reward is paid in digital assets, accordingly, if the Ethereum price increases, the profit will increase.

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