VanEck’s Ethereum Strategy Fund to List on CBOE
VanEck is preparing to launch its Ethereum Strategy Fund (EFUT) on the Chicago Board Options Exchange (CBOE). The investment management firm has received approval from the US Securities and Exchange Commission (SEC) and plans to introduce standardized, cash-settled futures contracts for Ether. This exchange-traded fund (ETF) will allow investors to trade Ethereum futures without directly holding the digital asset. VanEck has also announced that it will donate 10% of the ETF’s profits to the Protocol Guild, a team of Ethereum contributors responsible for core development. The firm has been promoting the ETF on social media platforms, including Twitter.
VanEck’s Donation to the Protocol Guild
In addition to launching the Ethereum Strategy Fund, VanEck has pledged to donate 10% of its profits from the ETF to the Protocol Guild. This donation will span ten years and support the core development of Ethereum. The Protocol Guild has already received over $13.3 million in donations from various projects, including Arbitrum, Uniswap, and Moloch DAO. VanEck’s contribution will further enhance the funding available for Ethereum’s core developers.
Other Investment Managers Joining Ether Futures Market
VanEck is not the only investment manager entering the Ether futures market. Bitwise Asset Management announced that it will offer two Ether futures contracts and a Bitcoin strategy fund starting October 2. Invesco Galaxy Ethereum ETF has also informed the SEC about its plans to launch an Ethereum-backed Strategy ETF. These developments indicate growing interest in cryptocurrency investment products focused on Ether.
Hot Take: VanEck’s Entry Into Ether Futures Market
VanEck’s decision to launch an Ethereum Strategy Fund and donate a portion of its profits to the Protocol Guild demonstrates its confidence in the potential of Ethereum. By offering Ether futures contracts, VanEck provides investors with an opportunity to gain exposure to the cryptocurrency market without directly holding digital assets. This move also highlights the increasing mainstream acceptance and adoption of cryptocurrencies, particularly Ethereum. As more investment managers enter the Ether futures market, it further solidifies Ether’s position as a leading digital asset and indicates its growing importance in the financial industry.
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