Cathie Wood’s Ark Invest and 21Shares have joined the race to launch a spot Ethereum (ETH) Exchange-Traded Fund (ETF) in the United States. They have submitted an app to the Securities and Exchange Commission (SEC) to launch an ETF for Ethereum (ETH). This move puts pressure on the SEC, which recently lost a legal battle over the approval of Bitcoin (BTC) futures ETFs. The Chicago Board Options Exchange’s BZX exchange has likewise filed documents to list two spot Ether ETFs, giving the SEC up to 240 days to cause a decision.
Spot Bitcoin (BTC) ETF Approval is ‘Inevitable’
The recent legal victory for Grayscale has increased the possibility of approval for a spot Bitcoin (BTC) ETF. Former SEC chair Jay Clayton believes that approval is inevitable. Regardless of this, the SEC has once more delayed a decision on 7 spot Bitcoin (BTC) ETF applications, causing a decline in cryptocurrency assets. The applications by Ark 21Shares and VanEck are the first attempts to list a spot Ether ETF. Coinbase Custody will serve as the custodian for both spot Ether ETFs.
The approval of spot digital currency ETFs backed by reputable corporations like Ark Invest, BlackRock, or Fidelity would provide a whole lot of boost to the cryptocurrency ecological system and increase mainstream acceptance. Specialists predict that the approval of spot Bitcoin (BTC) ETFs could result in a $30 Billion influx of new demand for Bitcoin. It is advised that investors aggressively accumulate Bitcoin (BTC) at its current prices.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.