Cathie Wood’s ARK Invest Submits Application for Ether Spot ETF

• The cryptocurrency exchange Coinbase will act as custodian.
• On September 6th, ARK Invest and 21Shares submitted a filing with the U.S SEC.

Cathie Wood’s ARK Investment Management has introduced a proposal for an Ether spot ETF, following the U.S SEC’s decision to delay the approval of ARK’s spot Bitcoin ETF. On September 6th, ARK Invest and 21Shares filed with the SEC to list their spot Ether ETF on the Cboe BZX Exchange.

The cryptocurrency exchange Coinbase will function as the custodian for the ARK 21Shares Ethereum ETF, which aims to track the value of Ether based on the Chicago Mercantile Exchange CF Ether-Dollar Reference Rate.

Additionally, the proposal from ARK Invest and 21Shares is among several spot crypto ETFs that the SEC is currently reviewing. Many firms are hopeful for regulatory approval following Grayscale’s successful appeal that prompted the SEC to reassess allowing its Bitcoin Trust to convert into a Bitcoin ETF.

All Eyes on SEC

The SEC opted to postpone decisions on seven spot Bitcoin ETF applications on August 31, just two days after the ruling on Grayscale’s ETF. Since the next deadline for a decision regarding the spot Bitcoin ETF from ARK Invest and 21Shares is not until November 11, it remains unaffected by this delay.

Moreover, this marks the third attempt by ARK Invest and 21Shares to launch a spot Bitcoin ETF, with the latest attempt occurring in 2021. The cryptocurrency market has been facing challenges recently due to the prevailing bear market conditions.

The overall cryptocurrency market is experiencing an extended phase of bear dominance. Bitcoin’s price is currently below the $26,000 mark. This period of stagnation has continued for several weeks without indications of a turnaround.

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