The U.S. Securities and Exchange Commission (SEC) has agreed to consider applications from two leading asset managers, ARK Invest and VanEck, for spot exchange-traded funds (ETFs) that would directly own Ethereum.
According to the SEC's website, the agency opened a 45-day public comment period for both filings. The public can offer their views on whether the SEC should approve or reject ETFs and what the potential benefits and risks of such products are.
ARK 21Shares Ethereum ETF is a joint venture between Cathie Wood's ARK Invest, a $60 billion investment firm known for bullish investments in innovative technologies, and 21Shares, a digital asset management company offering cryptocurrency ETPs in Europe.
The proposed ETF will track the price of ETH using the CME CF Ether-Dollar Reference Rate and adjust for expenses and liabilities.
This development does not mean that these ETFs will be accepted or that their probability of acceptance has increased. Even futures Ethereum ETFs have not yet been approved, and futures ETFs are expected to be approved by the SEC in October.
*This is not investment advice.