ARK Invest Submits Application for Initial Ethereum Exchange-Traded Fund in the US

ARK Invest Submits Application for Initial Ethereum Exchange-Traded Fund in the US

ARK Invest and 21Shares Seek Approval for Ether ETF

Two prominent asset managers, ARK Invest and 21Shares, have taken a whole lot of step towards launching an exchange-traded fund (ETF) that directly holds Ether (ETH). They have submitted an app  to the United States Securities and Exchange Commission (SEC) for their proposed Ark 21Shares Ethereum (ETH) ETF.

A Groundbreaking ETF for Ethereum

If approved, this ETF would be the first of its kind in the United States, offering direct exposure to Ethereum (ETH), the Second most trending digital currency. The app  outlines that the fund intends to store its Ethereum (ETH) assets with Coinbase Custody Trust Company, with a bulk of holdings kept in cold storage for enhanced security.

After the  notice, the price of Ether experienced a whole lot of surge, although it later settled around $1,630, similar to its earlier trading level. This development comes shortly after Grayscale’s recent legal victory against the SEC regarding a Bitcoin (BTC) ETF.

Experts Analyze the Impact of HTX’s $8M Hack on Centralized Crypto Exchanges

SEC Postpones Bitcoin (BTC) ETF Decisions

Grayscale intends to accelerate the approval process by meeting with the SEC promptly. As a result, the SEC has postponed its decision on numerous spot Bitcoin (BTC) ETFs, extending the review period until October 17. ARK Invest, led by Cathie Wood and known for its positive outlook on digital currencies, particularly Bitcoin, is very likely generate whole lot of attention with its Ether ETF application.

The Future of Digital Currency: Exploring XPLA Coin

Uncertain SEC Stance and Probable Legal Battle

Regardless of the attention garnered by the Ether ETF application, the SEC’s position remains uncertain. It is not clear whether the regulator will oppose the ETF or if the situation will escalate into a court battle, similar to the Bitcoin (BTC) ETF case.

Hot Take:

The submission of an app  for an Ether ETF marks a whole lot of milestone in the cryptocurrency industry. If approved, it might pave the way for increased mainstream adoption of digital currencies. The SEC’s decision and probable legal implications will undoubtedly shape future of the digital asset investment opportunities.

Bitcoin Price Analysis: Failure to Reach 27432 Continues – October 1, 2023
Author – Contributor at | Website

Bernard Nicolai emerges as a beacon of wisdom, seamlessly harmonizing the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the labyrinth of digital assets, Bernard’s insights echo like a resonant chord, touching the minds of seekers with diverse curiosities. His talent for deciphering the most intricate strands of crypto intricacies seamlessly aligns with his editorial finesse, transforming complexity into a captivating narrative of comprehension.

Trading XRP and DOGE Now Available Against PayPal’s Stablecoin for Users
Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.

Follow us

Latest Crypto News

Share via
Share via
Send this to a friend