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On August 24, two additional Ethereum futures ETF applications were submitted to the U.S. Securities and Exchange Commission. ARK Invest and 21Shares have collaborated on these latest proposals.
The applications are for an “ARK 21Shares Active Ethereum Futures ETF” (ARKZ) and an “ARK 21Shares Active Bitcoin Ethereum Strategy ETF” (ARKY).
Ethereum Futures Competition Intensifies
The two companies initially joined forces to introduce a spot Bitcoin ETF in 2021, but all spot applications have been denied by the SEC. Additionally, there are currently at least 16 Ethereum and combined Ethereum and Bitcoin ETF applications awaiting review.
Many of the initial decision deadlines are set for mid-October, which could prove to be a significant month for cryptocurrency news if the SEC alters its position.
Valkyrie is expected to be the first ETF with a futures product awaiting a decision on October 3 or 4; however, it will be a hybrid fund consisting of BTC and ETH. The first dedicated Ethereum futures ETF is anticipated from Volatility Shares around October 12.
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“[I] Continue to be amazed by the number of issuers entering the fray here,” remarked ETF Store President Nate Geraci, who expressed confidence that spot ETFs were “potentially just around the corner.”
Bloomberg’s ETF analyst James Seyffart concurred, adding:
“I’m 90% with you on this. The only reasoning that makes sense to me is that if you are going to be recognized as a firm providing crypto exposure, you essentially need to have an option available for this… Even if it’s not immediately profitable (at least initially).”
ETH Prices Decline
The Ethereum ETF competition may be escalating, but the underlying asset is experiencing a downturn. ETH has decreased by approximately 1% on the day, trading at $1,659 at the time of this report, returning to levels seen in February.
The asset has dropped over 10% in the past two weeks, retreating from long-term support at $1,850 to its current price. It has established strong support at $1,600, although this could falter if Bitcoin experiences another downward movement.
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