ARK Invest Apply for Spot Ethereum ETF
Ark Invest and 21Shares have submitted an application for the creation of the inaugural US exchange-traded fund (ETF) that seeks direct exposure to Ethereum.
Their application was sent to the Securities and Exchange Commission (SEC) on Wednesday. If this fund gains approval, it will be traded under the symbol ARKE.
This ETF aims to offer conventional investors an opportunity to invest in a fund backed by physical Ethereum (ETH) without requiring direct cryptocurrency acquisition or possession. Notably, Ark’s proposed spot Ethereum ETF, would be a pioneering offering in this category if it secures regulatory approval.
Cathie Wood, who serves as the CEO and CIO of Ark Invest, acknowledged the audacious nature of this initiative, especially given the absence of a comparable Bitcoin (BTC) fund. She expressed her perspective to Bloomberg, saying, “While there has been significant regulatory debate surrounding a Bitcoin spot ETF, we believe in its feasibility…and being the pioneer is always a rewarding experience.”
Ark is concurrently pursuing a Bitcoin spot ETF alongside its Ethereum endeavor. Following BlackRock’s application in June, Ark and other asset management firms submitted similar applications for a Bitcoin spot ETF. These applications hold promise due to BlackRock’s prominence in the financial sector and the inclusion of a Coinbase surveillance-sharing agreement in each filing.
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Wood commented on the situation in August, correctly predicting a delay in the SEC’s decision regarding the latest Bitcoin spot ETF applications. However, she remains optimistic that the SEC will ultimately approve multiple applications for such ETFs due to their similarity.
Despite the positive outlook, no spot Bitcoin or spot Ethereum ETFs have received regulatory approval as of now. Ark’s prior Bitcoin ETF applications were among those previously rejected by the SEC, with the most recent rejection occurring in January 2023.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
