ProShares has submitted an exchange-traded fund proposal for an equal-weight Bitcoin and Ether market, making this the eleventh such submission in less than seven days.
The United States Securities and Exchange Commission has been inundated with requests for exchange-traded funds (ETFs) based on ether futures, with a startling total of 11 files arriving in less than a week!
The most recent entry in this flurry is ProShares’ ETF proposal, which was submitted on August 3. It calls for an ETF that is equally divided between Bitcoin and Ether. The purpose of this cutting-edge fund is to monitor “the performance of holding long positions in the nearest maturing monthly bitcoin and ether futures contracts.”
UPDATE: Another one…. 11 ETFs Filed… Proshares filed for a 4th ETF with Ethereum futures. This one is an equal weight #Bitcoin & #Ethereum ETF just like Bitwise's filing which dropped an hour ago. https://t.co/vB05Wvt33epic.twitter.com/u3I3LzznGZ
— James Seyffart (@JSeyff) August 3, 2023
The innovative fund manager ProShares has been leading this trend by submitting a total of four different Ether-based ETF registrations in a short period of time. They provide a short Ether strategy ETF, an exclusive Ether strategy ETF, and a dual Bitcoin and Ether futures strategy ETF.
Related: Spot Crypto ETF Applications Published in Federal Register, SEC Approval Looms
They are not the only ones vying to transform the business, though. A startling total of 11 filings for futures-focused ETFs involving ether have come in during the past seven days. When Volatility Shares submitted their application for the Volatility Shares Ether Strategy ETF on July 28, it started a domino effect.
Other well-known companies, including Bitwise Asset Management, Roundhill Financial, Van Eck, ProShares, and Grayscale Investments, swiftly followed suit and submitted their own applications for Ether futures on August 1st.
It’s interesting to note that while Bitcoin futures ETFs have been accessible since October 2021, the SEC has yet to authorize an ETF that follows Ether futures contracts. However, we may anticipate the Ether ETFs to open roughly 75 days from their separate filing dates if the SEC does not reject any of these ground-breaking petitions, with Volatility Shares ETF leading the way on October 12.
Unlike spot ETFs, which entail the issuer directly acquiring the underlying asset, futures ETFs monitor the price of futures contracts. Due to the fact that the fund manager actually purchases and holds the underlying asset, spot ETFs are often regarded as being more reliable.
Related: Grayscale Bitcoin Trust Outperforms Other ETFs in ARK Invest's Portfolio in Q2 2023
Along with a rush of files from large asset management companies looking to introduce specific Bitcoin ETFs, a surge of applications centered on Ether has surfaced. Even BlackRock, the biggest asset management in the world, is competing to launch the first Bitcoin ETF in the United States. The financial landscape is quickly changing, offering traders and investors alike exciting new chances!