According to Odaily, Ark Investment Management, led by Cathie Wood, has withdrawn from the competition related to Ethereum spot ETF. This was revealed in a revised prospectus (S-1) submitted to the U.S. SEC on Friday evening. In the Ethereum spot ETF application submitted in collaboration with 21Shares, Ark's name has been removed. The fund's name has been changed from Ark 21Shares Ethereum ETF to 21Shares Core Ethereum ETF.
An ARK spokesperson stated via email, 'At present, ARK will not continue to push the Ethereum ETF. We will continue to evaluate effective ways to expose our investors to this innovative technology, thereby fully exploiting its advantages.' Prior to this, Ark had collaborated with 21Shares to become one of the 11 U.S. issuers that successfully launched a spot Bitcoin ETF earlier this year.
21Shares stated in a declaration, 'We are enthusiastic about the recent approval of the (Ethereum spot ETF) 19b-4 by the U.S. SEC and are committed to increasing the opportunity for U.S. investors to add cryptocurrency as an asset class. 21Shares and ARK remain loyal partners of the ARK 21Shares Bitcoin ETF launched in January this year and our existing lineup of futures products.'