Galaxy Digital and Invesco Apply for Ethereum Spot ETF
In anticipation of the potential approval of their Bitcoin ETF, Galaxy Digital and Invesco have jointly applied to create an Ethereum spot ETF. This move makes them the fifth company to launch an Ethereum spot ETF in the US market, following VanEck, ARK Invest, Hashdex, and Grayscale.
Application Update
Contrary to initial reports, the application for the ETF from Galaxy Digital and Invesco was actually submitted on September 29. The recent updates to the application were simply amendments. This update was prompted by the launch of Ethereum futures ETFs in the US.
Waiting for Approval
The launch of Ethereum spot ETFs will have to wait until after the preliminary launch of Bitcoin spot ETFs, pending approval from the Securities and Exchange Commission. Legal counsel Craig Salm from Grayscale Investments is optimistic about the launch, considering that the court order to convert GBTC into a Bitcoin ETF was not appealed by the SEC.
Hot Take: Anticipation Builds for Ethereum Spot ETFs
The joint application by Galaxy Digital and Invesco for an Ethereum spot ETF adds to the growing anticipation in the crypto market. With several companies already launching similar products, it seems inevitable that Ethereum spot ETFs will become a reality. The recent amendments to the application show that companies are actively working towards making this happen. As regulatory scrutiny continues, all eyes are on the Securities and Exchange Commission’s decision regarding Bitcoin spot ETFs, which will set a precedent for other cryptocurrencies like Ethereum. If approved, these ETFs could open up new investment opportunities and further legitimize cryptocurrencies in traditional finance.
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