Ethereum
Here Are All the Ethereum ETFs Expected to Start Trading in the US
Following the unexpected approval of stain Ethereum exchange-traded funds (ETFs) in May, we can now expect the long-awaited products to begin trading next week, sources say said Decrypt.
An ETF is a popular investment vehicle that allows investors to buy shares that track the price of an underlying asset. This can be anything from gold and foreign currencies to cryptocurrencies and technology stocks. These funds are traded on an exchange.
The United States Securities and Exchange Commission (SEC) shocked traditional and crypto markets when it finally said yes in 11th place Bitcoin Exchange Traded Funds in January. The approval, which came after a decade of denials, led to an influx of capital into the Bitcoin space.
Industry experts expected the SEC to be slower to approve Ethereum counterparts due to the regulator’s reluctance, but it quietly and quickly approved the funds. Now, the final documents are being filed, and if all goes well, investors will be able to gain exposure to the second-largest digital asset by market cap in a matter of days.
Here are the fund managers waiting to deposit their crypto funds.
Black rock
BlackRock, the world’s largest asset manager, has been given the green light for its iShares Ethereum Fund. It’s first deposit an S-1 form for the product in November.
https://www.youtube.com/watch?v=se1bcqMYg8g
The company’s CEO, Larry Fink, seems enthusiastic about the cryptocurrency and its network, and has said that there is “value in having an Ethereum ETF.” He also spoke of “tokenization” as inevitable.
Shades of grey
Crypto asset manager Grayscale gets green light from SEC after deposit a proposal in October to convert its Grayscale Ethereum Trust into a spot Ethereum ETF.
The current fund currently operates as a closed-end fund. But when it trades as an ETF, investors will be able to easily redeem shares. Trust in Bitcoin converted to an ETF in January, so there is already precedent for how such a crypto vehicle can transition to a spot ETF.
And this week, his proposal mini ETF ETH I also got the green lightThe mini-trust would be funded by the assets that currently back the larger main ETF and would carry lower fees for investors than its originally proposed product.
Grayscale is one of the main reasons why Bitcoin ETFs are currently trading in the United States. In a historic moment for the crypto industry last year, a judge sided with the company in a lawsuit, agreeing with the company that Wall Street’s top regulator lacked a coherent explanation for denying its proposed conversion to a Bitcoin ETF after years of denials.
This decision paved the way for the SEC to give the green light to the detection of Bitcoin ETFs.
Ark Invest/21Shares
ARK Invest, Cathie Wood’s heavyweight technology investment management firm, deposit a proposal to the SEC for an Ethereum ETF in September.
The ETF is partnered with crypto ETF issuer 21Shares and names Coinbase, America’s largest digital asset exchange, as its custodian, meaning the established company will hold and store ETH in the product.
ProShares
The ProShares Ether Strategy ETF was one of the latest products to obtain the seal of approval of the regulator — just this week with Grayscale’s mini product.
The investment firm had initially asked only for futures products, but has quietly asked for a cash fund, although details are unknown. so far scarce.
loyalty
Financial services giant Fidelity has made it clear that it wants to launch an Ethereum ETF in November when Cboe, the exchange where the product would trade,deposit a 19b-4 in the name of the company.
Then, in March, the massive company filed its Form S-1 with the SEC for its Fidelity Ethereum Fund.
Van Eck
Asset manager VanEck was the first fund manager to deposit a proposal for an Ethereum ETF to the SEC in 2021. Later that year took of his proposal and has since resubmitted it.
The company’s Bitcoin ETF has been a successful product, and VanEck has even renounced its fees to better compete with other funds on the market.
Hashdex
Nasdaq in September deposit a proposal on behalf of Brazilian fund manager Hashdex for its Hashdex Nasdaq Ethereum ETF.
Hashdex already has several crypto ETFs trading in Brazil. In the US, its Hashdex Bitcoin ETF received the green light from the SEC in January and began trading in March.
Franklin Templeton
Wall Street giant Franklin Templeton entered the race in February when he deposit a proposal to the SEC. The company’s Franklin Bitcoin ETF launched earlier this year and trades under the ticker EZBC.
Invesco/Galaxy Digital
Asset management giant Invesco submitted a proposal with Mike Novogratz’s Galaxy Digital for an ETH ETF in September. Form S-1 mentions that Invesco would be the product sponsor, while Galaxy Digital would work as its “execution agent” – selling ETH to pay for the expenses of the Invesco Galaxy Ethereum ETF.
Bitwise
Digital Asset Investment Company Bitwise deposit It is Form S-1 with the SEC to propose a spot Ethereum ETF in March.
Matt Hougan, Chief Investment Officer at Bitwise, formerly said that he expects ETH ETFs to launch in December – and predicted they would be more successful if approved later in the year anyway.
Edited by Andre Hayward
Editor’s note: This article was originally published on May 11, 2024 and last updated with new details on July 19.