- Ark Invest collaborates with 21Shares to propose a groundbreaking Ether ETF amidst ongoing SEC reviews on similar Bitcoin initiatives.
- The new investment venture, ARK 21Shares Ethereum ETF, has enlisted Coinbase as the custodian, utilizing the CME CF Ether-Dollar Reference Rate for performance measurement.
- The proposal joins a series of spot crypto ETFs awaiting the green light from the SEC, fueling anticipation and speculation in the investment community.
In the backdrop of SEC delays on Bitcoin ETF decisions, Ark Invest and 21Shares intensify the marketplace buzz with their latest proposal for an Ether ETF, potentially setting a precedent for the cryptocurrency investment sector.
Ark Invest and 21Shares Forge Ahead with New Ether ETF Proposal
In a proactive move signaling confidence in the cryptocurrency market, Ark Invest and 21Shares have filed a request with the SEC for the approval of their new investment venture, a spot Ether ETF. Detailed in a filing on September 6, the ARK 21Shares Ethereum ETF aims to offer investors exposure to Ether, with the well-established crypto exchange Coinbase assigned as the custodian. The fund intends to track Ether’s performance based on the Chicago Mercantile Exchange’s CF Ether-Dollar Reference Rate.
The SEC’s Ongoing Evaluation of Crypto ETF Proposals
The United States Securities and Exchange Commission (SEC) finds itself at the center of increased activity surrounding cryptocurrency ETF proposals. In recent times, the SEC has delayed decisions on several Bitcoin ETF applications from various firms, including a notable case involving Grayscale’s attempt to convert its Bitcoin Trust into a BTC ETF. The proposition from Ark Invest and 21Shares joins the ranks of multiple spot crypto ETFs currently under SEC review, exemplifying the fervent interest and hope for regulatory approval within the industry.
Anticipation Builds as SEC’s Next Decision Deadline Nears
As the investment community keenly anticipates the SEC’s next move, the regulatory body recently postponed decisions regarding the approval or denial of Bitcoin ETF applications from seven different firms, including industry giant BlackRock. Interestingly, the proposal for the spot Bitcoin ETF from Ark Invest and 21Shares was exempt from this delay, with the next decision deadline slated for November 11. This development has sparked heightened anticipation and speculation on the possible outcomes and the potential ramifications for the broader cryptocurrency investment landscape.
Conclusion
The collaborative venture between Ark Invest and 21Shares represents a significant milestone in the ongoing evolution of cryptocurrency investment products. As they pave the way with their ambitious Ether ETF proposal, the eyes of the industry are fixed on the SEC’s forthcoming decisions. The outcome could either propel the cryptocurrency market to new heights or serve as a reflective pause in the burgeoning sector. Regardless of the result, the move marks a pivotal moment in the integration of cryptocurrencies into mainstream investment avenues, fostering growth and innovation in the financial space.
