Cathie Woodโs Ark Invest and 21Shares have joined the race to launch a spot Ethereumย (ETH) Exchange-Traded Fund (ETF) in the United States. They have submitted an appย to the Securities and Exchange Commission (SEC) to launch an ETF for Ethereumย (ETH). This move puts pressure on the SEC, which recently lost a legal battle over the approval of Bitcoinย (BTC) futures ETFs. The Chicago Board Options Exchangeโs BZX exchange has likewise filed documents to list two spot Ether ETFs, giving the SEC up to 240 days to causeย a decision.
Spot Bitcoinย (BTC) ETF Approval is โInevitableโ
The recent legal victory for Grayscale has increased the possibilityย of approval for a spot Bitcoinย (BTC) ETF. Former SEC chair Jay Clayton believes that approval is inevitable. Regardlessย of this, the SEC has onceย more delayed a decision on 7 spot Bitcoinย (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.
Hot Take
The approval of spot digitalย currency ETFs backed by reputable corporations like Ark Invest, BlackRock, or Fidelity would provide a wholeย lotย of boost to the cryptocurrency ecologicalย system and increase mainstream acceptance. Specialists predict that the approval of spot Bitcoinย (BTC) ETFs could result in a $30 Billion influx of new demand for Bitcoin. It is advised that investors aggressively accumulate Bitcoinย (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.
