On August 24, ARK Invest and 21Shares filed two new applications for Ethereum futures exchange-traded funds (ETFs) with the U.S. Securities and Exchange Commission (SEC). The first proposal is for an “ARK 21Shares Active Ethereum Futures ETF” (ARKZ), while the second is for an “ARK 21Shares Active Bitcoin Ethereum Strategy ETF” (ARKY).
This partnership comes after the two firms previously collaborated to launch a spot Bitcoin ETF in 2021. However, all spot ETF applications have been rejected by the SEC so far. Despite this, there are now at least 16 Ethereum and mixed Ethereum and Bitcoin ETF applications awaiting approval.
Many of these applications have initial decision dates in mid-October, which could be a significant month for crypto news if the SEC changes its stance on ETFs. Valkyrie is expected to be the first ETF with a futures product, with a decision expected on October 3 or 4. However, it will be a hybrid fund of BTC and ETH. The first pure Ethereum futures ETF is from Volatility Shares, with an expected decision around October 12.
Nate Geraci, President of ETF Store, expressed surprise at the number of issuers entering the ETF race and believed that spot ETFs could be “potentially right around the corner.” Bloomberg’s ETF analyst James Seyffart also agreed, stating that it makes sense for firms offering crypto exposure to have an option on the menu, even if it may not be immediately profitable.
Meanwhile, the price of Ethereum has been declining. At the time of writing, ETH is down around 1% for the day and is Trading at $1,659, returning to February price levels. Over the past two weeks, ETH has lost more than 10%, dropping from long-term support at $1,850. While it has found support at $1,600, this could break if Bitcoin experiences further downward movement.
In summary, ARK Invest and 21Shares have filed two new applications for Ethereum futures ETFs with the SEC. The race for Ethereum ETFs is heating up, with numerous applications awaiting approval. The price of ETH, however, has been on a downward trend, falling to February price levels..
#Ethereum #ETFs #Added #Growing #List #ETH #Price #Remains #Bearish
This partnership comes after the two firms previously collaborated to launch a spot Bitcoin ETF in 2021. However, all spot ETF applications have been rejected by the SEC so far. Despite this, there are now at least 16 Ethereum and mixed Ethereum and Bitcoin ETF applications awaiting approval.
Many of these applications have initial decision dates in mid-October, which could be a significant month for crypto news if the SEC changes its stance on ETFs. Valkyrie is expected to be the first ETF with a futures product, with a decision expected on October 3 or 4. However, it will be a hybrid fund of BTC and ETH. The first pure Ethereum futures ETF is from Volatility Shares, with an expected decision around October 12.
Nate Geraci, President of ETF Store, expressed surprise at the number of issuers entering the ETF race and believed that spot ETFs could be “potentially right around the corner.” Bloomberg’s ETF analyst James Seyffart also agreed, stating that it makes sense for firms offering crypto exposure to have an option on the menu, even if it may not be immediately profitable.
Meanwhile, the price of Ethereum has been declining. At the time of writing, ETH is down around 1% for the day and is Trading at $1,659, returning to February price levels. Over the past two weeks, ETH has lost more than 10%, dropping from long-term support at $1,850. While it has found support at $1,600, this could break if Bitcoin experiences further downward movement.
In summary, ARK Invest and 21Shares have filed two new applications for Ethereum futures ETFs with the SEC. The race for Ethereum ETFs is heating up, with numerous applications awaiting approval. The price of ETH, however, has been on a downward trend, falling to February price levels..
#Ethereum #ETFs #Added #Growing #List #ETH #Price #Remains #Bearish
