VanEck to Launch Ethereum Strategy ETF
VanEck has announced the upcoming launch of the VanEck Ethereum Strategy ETF (EFUT). This actively managed ETF is designed to capture capital appreciation by investing in ether (ETH) futures contracts. The fund will not invest directly in ETH or other digital assets, but instead, it will invest in standardized, cash-settled ETH futures contracts from exchanges approved by the Commodity Futures Trading Commission. The ETF will be listed on the CBOE and managed by Greg Krenzer, head of active trading at VanEck.
Ether ETF Follows Bitcoin Futures Fund
The VanEck Ethereum Strategy ETF follows in the footsteps of VanEck’s bitcoin futures fund, the VanEck Bitcoin Strategy ETF (XBTF), which was launched in November 2021. Both funds are structured as a C-Corp, providing a more tax-efficient experience for long-term investors. VanEck will share regular updates on the launch via its official Twitter account.
Ethereum Futures ETF Craze
In August, several firms filed for ether futures ETFs, including proposals from Ark Invest, ProShares, Valkyrie, and Grayscale. These proposals provide exposure to both bitcoin and ether futures contracts. The SEC is expected to make a final decision on ether futures ETFs by mid-October. Nate Geraci, president of advisory ETF Store, believes that ether futures ETFs could become a reality before a spot bitcoin ETF.
SEC Delays Decision on Spot Ether Fund
The SEC has delayed a decision on VanEck’s proposed spot ether fund and also delayed a decision on the proposed ARK 21Shares Ethereum ETF. The new deadline for these decisions is set for December 25 and December 26, respectively. The SEC stated that it needs more time to consider the proposed rule changes and the issues raised.
Hot Take: VanEck Expands Crypto ETF Offerings with Ethereum Strategy ETF
VanEck’s announcement of the upcoming launch of the VanEck Ethereum Strategy ETF (EFUT) demonstrates the continued growth and interest in cryptocurrency investment products. With the success of their bitcoin futures fund, VanEck is expanding their offerings to include exposure to ether. This move comes as several firms have filed for ether futures ETFs, indicating a strong demand for investment opportunities in this digital asset. While the SEC has delayed decisions on spot ether funds, the approval of ether futures ETFs could be a significant step forward for the crypto market. Investors should stay tuned for updates from VanEck regarding the launch of EFUT.
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