Multiple ETFs Based on Ether Futures Go Live
Several exchange-traded funds (ETFs) that track the performance of ether futures have been launched. These ETFs mark the first-ever ones based on ether futures, coming almost two years after the introduction of the first bitcoin futures ETF. ProShares, the company behind the first US bitcoin futures ETF, has debuted the ProShares Ether Strategy ETF, as well as two others that offer a combination of bitcoin and ether. According to ProShares CEO Michael L. Sapir, these crypto-linked ETFs are designed to attract investors interested in cryptocurrencies but concerned about custody risks or the complexities of buying them directly.
The three ProShares ETFs are accessible to investors through brokerage accounts without needing a crypto custodian, exchange account, or wallet.
Other Ether Futures ETF Launches
The VanEck Ethereum Strategy ETF has also been launched. This ETF is designed to seek capital appreciation by investing in ether futures contracts. Kyle DaCruz, director of Digital Asset Product with VanEck, stated that while US investors still lack a spot ETF product for digital assets, they are pleased to provide access to the robust futures market around ETH through EFUT.
Bitwise has also gone live with two ether futures ETFs: the Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF.
Note: The article was updated at 10:35 a.m. ET to reflect when the ETFs went live.
Hot Take: Ether Futures ETFs Hit the Market
The recent launch of multiple exchange-traded funds (ETFs) based on ether futures marks an important development in the cryptocurrency market. These new investment products offer investors an alternative way to gain exposure to ether without having to directly purchase the cryptocurrency or worry about custody risks. By leveraging the futures market, these ETFs provide a regulated and accessible avenue for individuals interested in cryptocurrencies. While spot ETFs for digital assets are still not available in the US, the introduction of these ether futures ETFs demonstrates the growing demand for crypto investment options and the expanding recognition of cryptocurrencies as legitimate assets.
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