Ark Investment Management and 21Shares Seek SEC Approval for Spot Ether ETF, Following Bitcoin ETF Delay
Summary:
Ark Investment Management and 21Shares have submitted a proposal to the SEC for a spot Ether ETF, following a delay in the decision on their spot Bitcoin ETF. The proposed ARK 21Shares Ethereum ETF will track Ether's performance based on the CF Ether-Dollar Reference Rate and have Coinbase as its custodian.
Ark Investment Management and 21Shares have submitted a proposal to the SEC for the listing of a spot Ether ETF. This comes as the SEC recently delayed its decision on Ark's spot Bitcoin ETF. The proposed investment vehicle, named the ARK 21Shares Ethereum ETF, will have Coinbase as its custodian and will track the performance of Ether based on the CF Ether-Dollar Reference Rate. The SEC is currently reviewing several spot crypto ETFs, following Grayscale's successful appeal to have its Bitcoin Trust converted into a BTC ETF. Unlike other firms, Ark's spot Bitcoin ETF was not included in the recent delay and its deadline for approval, denial, or further delays is set for November 11. This marks Ark's third attempt to launch a spot Bitcoin ETF since 2021, and they have previously proposed listings for two ETH futures ETFs. The news of the ETF filing briefly caused a 3% surge in the price of ETH before it settled back within the $1,620 to $1,640 range.
Published At
9/6/2023 9:19:37 PM
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