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- Asset manager ARK Invest and fintech firm 21Shares have revised their application for a spot Ethereum (ETH) exchange-traded fund (ETF).
- The firms have removed the ability to stake a portion of the fund’s assets from their proposal.
- The odds of the SEC approving spot Ethereum ETF applications are low, according to Bloomberg senior ETF analyst Eric Balchunas.
ARK Invest and 21Shares revise their application for a spot Ethereum ETF, removing the staking provision. The likelihood of SEC approval remains low.
ARK Invest and 21Shares Revise Ethereum ETF Application
Asset manager ARK Invest and fintech firm 21Shares have made key revisions to their application for a spot Ethereum (ETH) exchange-traded fund (ETF). The updated registration statement, submitted to the U.S. Securities and Exchange Commission (SEC) on May 10th, no longer includes the provision that would have allowed the issuer to stake a portion of the Trust’s assets through one or more third-party staking providers.
Staking Provision Removed
Staking is a process that allows cryptocurrency holders to earn rewards by locking their digital assets to a proof-of-stake (POS) blockchain to support the operation of the network. The removal of this provision from the ARK 21Shares Ethereum ETF proposal has sparked speculation among industry observers. Bloomberg senior ETF analyst Eric Balchunas, in a post on social media, suggested that the removal might be an attempt to give the SEC one less reason to reject the application.
Low Odds of SEC Approval
Despite these revisions, Balchunas maintains that the odds of the SEC approving spot Ethereum ETF applications are low. He previously stated that the lack of engagement from the SEC seems to be purposeful rather than due to procrastination. He sees no positive signs or intelligence anywhere that would suggest an approval is likely.
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Conclusion
The revisions to the ARK 21Shares Ethereum ETF application, particularly the removal of the staking provision, highlight the challenges faced by firms seeking to launch cryptocurrency ETFs in the U.S. With the SEC’s stance remaining cautious, the future of such financial products remains uncertain.
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