Cathie Woods’ Ark Invest Withdraws Spot Ethereum ETF Application
While most applicants for the Spot Ethereum ETF are revising their S-1 filings, Cathie Wood’s Ark Invest has backtracked with its decision to withdraw the application. As a result, it withdrew its partnership with 21Shares.
21Shares Will Go It Alone With Ethereum ETF
ARK Invest has announced that it will not launch an Ethereum ETF at this time. However, the firm is committed to exploring ways to provide investors with access to Ethereum’s underlying technology.
ARK emphasizes its focus on leveraging its expertise in active management through a range of investment products. These include disruptive innovation equity ETFs, digital asset futures ETFs, and the ARK Venture Fund.
Notably, ARK is among several companies that received approval from the SEC to launch a Bitcoin ETF in January. The firm is committed to the ARK 21Shares Bitcoin ETF (ARKB) and underlines its belief in making Bitcoin accessible to everyone at low cost.
In a recent update, Bloomberg analyst Eric Balchunas announced that 21Shares will now operate the Ethereum ETF independently. ARK Invest has been removed from the relevant documents and the name of the ETF. Despite this change, ARK and 21Shares continue to collaborate on Bitcoin and futures ETFs.
Additionally, Balchunas noted that no fees are listed on any of the new S-1 filings, and the expected fee is currently pending.
Filling out S-1 Forms at the Last Minute
The US SEC has directed potential spot Ethereum ETF issuers to file amended S-1 forms by Friday. In a last-minute rush, Franklin Templeton filed its S-1 on Friday. However, it may take several weeks for these forms to come into force and new financial products to begin trading.
Following initial approval of spot Ethereum ETF applications last week, VanEck promptly filed an amended form S-1 on Thursday, and BlackRock filed an updated form revealing that its ETF would be seeded with $10 million.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
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