ARK Invest has applied to launch an Ethereum ETF

Sep 7, 2023 13:16 GMT+3

Ark Invest, led by Cathy Wood, and 21Shares have filed the first application for an Ethereum (ETH) ETF in the US. This order represents a major step towards creating a spot exchange traded fund backed by the second largest cryptocurrency in the market.

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ARK Invest wants to launch an Ethereum exchange-traded investment fund, the Spot ETH ETF

According to the latest information, ARK Invest has filed an application to launch an Ethereum Spot ETF with the US Securities and Exchange Commission (SEC). This step shows the confidence of the ecosystem in ETFs.

ARK Invest has partnered with 21Shares, a leading ETF provider, to launch an Instant ETF. If the application submitted by Ark Invest and 21Shares is successful, the SEC will be approved. It will be the first spot ETF backed by Ethereum, the second largest cryptocurrency.

The application has just been filed with the US Securities and Exchange Commission (SEC). As the regulator struggles to reconcile applications for spot bitcoin ETFs submitted in recent months. In a feverish race launched by the largest investment fund in the world, BlackRock.

Also, the product, called the "ARK 21Shares Ethereum ETF," will attempt to track the performance of ETH, the native cryptocurrency of the Ethereum network. Measured against the benchmark price of Ethereum per dollar on the Chicago Mercantile Exchange, an index that aggregates the trade flow of major ETH exchanges.

In an interview with Bloomberg, Ophelia Snyder, co-founder and head of 21Shares, said exactly that, and also added that the market around Ethereum was strong:

“There have been great developments in the market over the last couple of weeks - Grayscale winning her case is one of those developments, some statements from the judiciary about how they value different products, and also, quite frankly, the fundamentals of the market.”

Also, Katie Wood, founder and CEO of Ark Invest, shared her excitement for the new product under consideration:

“There has been a lot of regulatory controversy around the Bitcoin ETF, and I think a lot of people thought it had gone too far — but that's not the case.”

Although, the SEC recently pushed back all application deadlines for various BTC ETFs. Only issuers of publicly traded products remain confident that they can reach their target. Especially after Grayscale's recent victory over the regulator.

Finally, and through cryptocurrency price data after ARK Invest announced its request. Bitcoin and Ethereum prices have #BinanceTournament #CYBER #pepe #crypto2023 #Binance not changed in the news.