Two extra Ethereum-based exchange-traded funds have been filed this week bringing the overall to 23 crypto ETF filings up to now in 2021.
VanEck and ProShares are the newest two companies to disclose plans for institutional merchandise centered on Ethereum. In line with filings with the U.S. Securities and Alternate Fee on Aug. 18, VanEck is searching for to launch an “Ethereum Strategy ETF”, whereas ProShares is asking its proposed product the “Ether Strategy ETF”.
Each ETFs purpose to supply publicity to Ethereum by investing in ETH futures contracts along with pooled funding autos and different exchange-traded merchandise which have ETH publicity. The funds is not going to be shopping for Ethereum instantly in keeping with the paperwork.
Each companies have already filed for Bitcoin ETFs nonetheless the SEC remains to be dragging its ft and is but to approve any. Earlier this month, Kryptoin filed for an ‘Ethereum ETF Trust’ marking the twenty first utility in 2021, and the newest two carry that whole as much as 23.
Chatting with Blockworks, president of the ETF Retailer, Nate Geraci, mentioned, “Given the newest messaging from the SEC … it appears extremely seemingly a Bitcoin futures ETF will likely be accredited earlier than an Ether futures product,” earlier than including:
“It’s not unreasonable to suppose a Bitcoin futures ETF may very well be accredited earlier than the top of the 12 months.”
ProShares is a division of ProFunds Group which manages varied funding funds with mixed belongings beneath administration of round $50 billion whereas VanEck has a complete AUM of round $65 billion.
On Might 7, VanEck filed for its Ethereum ETF, and a few weeks afterward Might 28, Knowledge Tree filed an utility to the SEC for the same fund. In June, the ProFunds Group filed the “ProShares S&P Kensho International Crypto & Blockchain ETF” to the SEC.
On Aug. 10, Cointelegraph reported that SEC Chair Gary Gensler hinted that he can be extra open to accepting ETFs based on crypto futures moderately than by way of direct publicity. VanEck filed one other prospectus for a Bitcoin Technique exchange-traded fund on Aug. 9.