Six Financial Entities Seeking Approval for Ethereum ETFs
Six financial entities, including Volatility Shares, Bitwise, Roundhill, VanEck, Proshares, and Grayscale, are reportedly seeking approval to offer Ethereum futures exchange-traded funds (ETFs). James Seyffart, a research analyst within Bloomberg Intelligence, made this discovery.
Main Breakdowns:
- Grayscale, Bitwise, and Roundhill initially filed for Ethereum Strategy ETFs in May 2023, but all filings were later withdrawn.
- On July 28, Volatility Shares submitted its application, followed by re-filings from Bitwise, Roundhill, and Grayscale on August 1. VanEck and Proshares also joined the race on the same day.
- Differences between the ETFs include the type of ETH futures contracts invested in and the level of exposure to ETH.
- BlackRock, a leading player in the industry, has not yet entered the race for an Ethereum spot ETF.
- The SEC is reviewing eight applications for opening spot Bitcoin ETFs, including BlackRock’s, but previous applications have been rejected.
Hot Take: Increased Likelihood of Crypto ETF Approval
The approval of Ethereum ETFs would be a significant step forward for the legitimacy of crypto. It would make it easier for investors to access the crypto market and signal a more favorable view of crypto from the SEC. While BlackRock has not yet joined the race for an Ethereum spot ETF, its interest in Bitcoin ETFs could improve the odds of approval. However, recent signals from the SEC suggest that gaining approval won’t be easy.
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