Asset Managers File for Spot Ether ETFs
Invesco and Galaxy Digital have reportedly filed for a spot Ether (ETH) exchange-traded fund (ETF) on September 29. This comes as asset managers continue to pursue digital asset products. Bloomberg ETF analyst James Seyffart shared news of the filing on Twitter, although the application has not yet been uploaded to the SEC’s public database.
The filing from Invesco and Galaxy adds to the growing list of investment managers seeking regulatory approval for a spot ETH ETF. The SEC recently delayed decisions on previous applications from ARK 21Shares and VanEck, extending the deadline until late December.
Futures-Based ETH ETFs Coming Soon
While a spot Ether ETF may take some time to become available, futures-based Ether ETFs are expected to launch as early as next week. Investment firms, including VanEck, Bitwise, Proshares, and Kelly ETFs, are preparing to add ETH futures vehicles to their portfolios.
VanEck has announced its upcoming Ethereum Strategy ETF, which will be listed on the Chicago Board Options Exchange in the coming days. Bitwise has submitted an updated prospectus for their equal-weight Bitcoin and Ether futures ETF, while Proshares and Kelly ETFs are partnering with Hashdex to deliver futures Ether ETFs soon.
Ether Price Rises Amid Debut of Futures ETFs
At the time of writing, Ether is trading at $1,666 and experiencing positive momentum due to excitement surrounding the launch of futures ETFs.
Hot Take: Asset Managers Rushing to Enter the Crypto Market
The filing by Invesco and Galaxy Digital for a spot Ether ETF demonstrates that asset managers are eager to tap into the growing crypto market. With the increasing demand for digital asset products, investment managers are seeking regulatory approval to offer crypto-related ETFs. While the SEC has delayed decisions on previous applications, futures-based Ether ETFs are set to launch soon. This move not only provides more investment options for traders but also indicates a growing acceptance of cryptocurrencies in traditional finance. As the market continues to evolve, it will be interesting to see how asset managers navigate the regulatory landscape and meet the demands of crypto investors.
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