By registering for a spot Ethereum exchange-traded fund (ETF), investment juggernauts Invesco and Galaxy Digital are purportedly making inroads in the digital asset market. Despite the application not yet being visible in the SEC’s public database, James Seyffart, a Bloomberg ETF analyst, announced this development.
An Invesco representative declined to confirm the application in response to questions, citing the convention of not commenting on products that are still undergoing registration. Galaxy Digital was also contacted, but we haven’t heard anything from them.
Invesco and Galaxy Digital have joined a growing list of investment firms seeking regulatory approval for a spot Ethereum ETF. Just a couple of days prior, on September 27, the SEC decided to delay its decisions on previous ETF applications from ARK 21Shares and VanEck, extending the deadline to December 25–26. The SEC explained that it needed more time to thoroughly evaluate the proposed rule changes and the associated concerns.
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While the prospect of a spot Ethereum ETF may take some time to materialize, the launch of futures-based Ethereum ETFs appears to be on the horizon. Investment firms have been gearing up to add Ethereum futures vehicles to their portfolios, with VanEck preparing to introduce its Ethereum Strategy ETF (tickered EFUT) on the Chicago Board Options Exchange soon.
Valkyrie is another company set to enter the arena, offering exposure to Ether futures through its existing Bitcoin Strategy ETF, now rebranded as the Valkyrie Bitcoin and Ether Strategy ETF. A spokesperson from Valkyrie noted that this ETF would enable investors to access both Ether and Bitcoin futures within a single investment vehicle.
Bitwise is also in the game, having submitted an updated prospectus for its equal-weight Bitcoin and Ether futures ETF. This ETF is expected to go live in the coming week. Additionally, Proshares has made an application, and Kelly ETFs has partnered with Hashdex to deliver futures-based Ether ETFs in the near future.
At the time of writing, Ethereum is trading positively at $1,666, buoyed by excitement surrounding the impending launch of futures-based ETFs. These developments underscore the growing interest in digital assets within the investment landscape and the efforts being made to provide diversified investment options for crypto enthusiasts and traditional investors alike.
ALSOREAD
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