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Investment manager VanEck has initiated its promotional activities for its “upcoming” Ethereum futures exchange-traded fund (ETF), which some analysts predict could debut as soon as Oct. 2.
On Sept. 28, VanEck unveiled two TV commercials themed “Enter the Ether,” indicating that its Ethereum Strategy ETF — designated as EFUT — is “coming soon.”
AI, AI, Uh Oh! Follow for updates on how to Enter the Ether. pic.twitter.com/wM69nVtbWC
— VanEck (@vaneck_us) September 28, 2023
The advertisements were released concurrently with a press announcement from VanEck regarding its forthcoming EFUT, which will be listed on the Chicago Board Options Exchange and overseen by Greg Krezner, VanEck’s Head of Active Trading.
Bloomberg ETF analysts Eric Balchunas and James Seyffart suggest that the TV commercials may indicate that Ethereum futures ETFs are “happening sooner than anticipated.”
Seyffart anticipates that VanEck’s new ETF will launch on Monday, despite a document dated Sept. 29 stating it will not take effect for another 60 days. “Our understanding is that the SEC is accelerating approvals for these products,” he noted.
Quick correction: they actually won't be effective until Friday. Still, same result: Monday launch.
— Eric Balchunas (@EricBalchunas) September 28, 2023
Enter the Ether
The first of VanEck’s “Enter the Ether” commercials is a brief and quirky 15-second video featuring five actors gazing at the camera with a serious demeanor and unusual alien-like music in the background.
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“Ethereum. Now in an ETF form. Coming soon,” states one actor.
“Oh and HODL or Fork Off,” adds another actor, before the “Enter the Ether” message appears and the advertisement concludes.
The second advertisement is more direct, presenting a 30-second spot that implies a “shift” is imminent and that Ethereum’s gravitational force “will draw everyone in.”
When you’re ready, ENTER THE ETHER. The VanEck Ethereum Strategy ETF ($EFUT) is coming soon. Read our press release: https://t.co/4QPOVd5nB2 pic.twitter.com/vSF3HzMuvC
— VanEck (@vaneck_us) September 28, 2023
Balchunas anticipates increased marketing initiatives from ETF issuers as approvals are granted, especially when spot Bitcoin ETFs receive the go-ahead.
“It will be a marketing war like we've never seen since they all do same thing and launch on same day. Unprecedented.”
Related: SEC delays spot Bitcoin ETF decision for BlackRock, Invesco and Bitwise
In the meantime, financial services firm Valkyrie informed Cointelegraph that it will also soon provide exposure to Ether through its existing Bitcoin Strategy ETF — positioning it as one of the first firms to do so amid several pending applications with the U.S. Securities and Exchange Commission.
On Sept. 28, Seyffart mentioned in an X post that it was “looking like the SEC is gonna let a bunch of Ethereum futures ETFs go next week potentially,” influenced by a possibly imminent U.S. government shutdown.
There are 15 Ether futures ETFs from nine issuers competing to launch.
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