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  • Writer's pictureJamal Saafir

ARK Invest Files For First Spot Ethereum ETF

Updated: Sep 25, 2023

According to a report from CoinDesk, asset managers ARK Invest and 21Shares have applied for regulatory approval for an exchange-traded fund (ETF) that would directly hold Ethereum (ETH), according to a Wednesday filing with the United States Securities and Exchange Commission (SEC).

The ARK 21Shares Ethereum ETF is the earliest endeavor to list such a fund in the United States that directly invests in ETH, which currently holds the position of second largest cryptocurrency by market capitalization.

The fund’s ETF assets would be custodied through Coinbase (COIN) Custody Trust Company.

At the onset of the news, the Ethereum and Bitcoin prices rallied, but it was short-lived as both have returned to their prices prior to the filing.

The filing comes on the heels of many applications for a long-overdue and desperately desired spot Bitcoin ETF, including a combined attempt from ARK Invest and 21Shares.

Last week, the SEC delayed their decision on all of those applications.

The filing also was made prior to an anticipated SEC approval of the first futures-based Ethereum ETF. The SEC’s decision is expected on or before mid-October.

The industry will likely campaign for further crypto ETFs, encouraged by Grayscale's recent court victory against the United States Securities and Exchange Commission, broker Bernstein stated in a report last month.

A spot Ethereum ETF will be a top contender, the report said, given its relative market structure to BTC with actively traded futures and spot markets on the Chicago Mercantile Exchange (CME), a vital regulated marketplace for institutional investors.

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