Six well-known asset managers have submitted new requests to the US Securities and Exchange Commission (SEC) seeking approval for exchange-traded funds (ETFs) based on Ethereum (ETH) futures.
The submissions came after the SEC accepted applications for spot Bitcoin (BTC) ETFs within a one-week period.
In an effort to introduce Ether futures ETFs to US customers, asset managers Grayscale, VanEck, Bitwise, Volatility Shares, ProShares, and Round Hill Capital each filed a separate registration with the SEC.
Shares of volatility Attempting to invest in ETH futures contracts with cash settlements traded on the Chicago Mercantile Exchange (CME), the Ether Strategy ETF was the first to file on July 28. Last month, the 2xBTC Strategy ETF (BITX) from Volatility became the first leveraged crypto ETF in the nation. The fund won’t, however, make direct Ethereum investments.
Ten ETF applications tracking Ethereum futures have been submitted, according to a source with knowledge of the situation, but none have been accepted as of yet, according to CoinDesk.
Furthermore, the first Ethereum futures might launch on October 12—75 days after the filing date—if the regulator accepts the petitions.
Grayscale has recently requested that the SEC approve all Bitcoin ETF applications concurrently “in a fair and orderly manner” in order to treat all applicants equally. Grayscale and Bitwise abandoned their efforts to launch an Ethereum futures exchange-traded fund in May.
On the other side, the price of Ethereum, the second-largest cryptocurrency, is following Bitcoin’s example and is continuing to dominate below the 50-day EMA, which is currently at $1,835.
For investing reasons, crypto futures and spot ETFs are regarded as game-changers since they relieve businesses of the need to worry about physically storing Bitcoin and Ethereum in digital storage.
Wealth managers are swarming into investing in cryptocurrencies as a result, sparking a bull run in the cryptocurrency market.
