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Following SEC postponements, Ark Invest and 21Shares submit application for spot Ether ETF.
As the United States Securities and Exchange Commission (SEC) postpones its decision regarding Ark Investment Management’s spot Bitcoin (BTC) exchange-traded fund, the firm has introduced an investment product that offers exposure to Ether (ETH).
In a filing dated Sept. 6, Ark Invest and 21Shares sought SEC approval for the listing of shares of a spot ETH ETF on the Cboe BZX Exchange. This investment product, named the ARK 21Shares Ethereum ETF, will utilize the crypto exchange Coinbase as a custodian and will assess the performance of Ether based on the Chicago Mercantile Exchange CF Ether-Dollar Reference Rate.
BOOM: ARK just filed for a Spot Ether ETF, the first one.. prob more coming imminent pic.twitter.com/PjK5aSNPlS
— Eric Balchunas (@EricBalchunas) September 6, 2023
The initiative from Ark Invest and 21Shares is among several spot crypto ETFs that the SEC will evaluate. Following asset manager Grayscale’s success in appealing for the SEC to reconsider the listing of its Bitcoin Trust converted into a BTC ETF, numerous firms appear to be optimistic about receiving regulatory approval.
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On Aug. 31, just two days after the ruling on Grayscale’s ETF, the SEC revealed it would delay its decision on whether to approve or reject spot Bitcoin ETF applications from seven firms, including BlackRock — the largest globally. The spot Bitcoin ETF proposed by Ark Invest and 21Shares was not part of this delay, as its next deadline for approval, denial, or further delays is set for Nov. 11.
Related: Crypto market ‘dramatically underestimates’ bullishness of spot Bitcoin ETFs
The latest version of Ark Invest’s and 21Shares’ Bitcoin investment product marks the firms’ third attempt to establish a spot Bitcoin ETF since 2021. In August, the companies also suggested listings for two ETH futures ETFs — ETFs associated with crypto futures have experienced greater success with the SEC following multiple approvals in 2021.
The price of ETH experienced a brief increase following the announcement of the ETF filing. According to data from Cointelegraph Markets Pro, the ETH price climbed approximately 3% from $1,623 to $1,669 before settling back to a range between $1,620 and $1,640.
Magazine: SEC delays BTC ETF decision, Grayscale triumphs over SEC and BitBoy gets the boot: Hodler’s Digest, Aug. 27 – Sept. 2
