The competition to launch a Spot Ether ETF is intensifying as investment firms Invesco and Galaxy have both submitted filings to the U.S. Securities and Exchange Commission. These firms aim to offer investors a new opportunity to participate in the growing market for Ether, the native cryptocurrency of the Ethereum blockchain. The race for regulatory approval is heating up as the demand for crypto-based investment products continues to rise.
The filing was reported by Eric Balchunas, a senior ETF Analyst for Bloomberg, and according to to him, the application is likely to be either the 3rd or 4th of the firm, pending his confirmation.
While the filing makes the headline, an Invesco spokesperson has declined any comment on it. “Products still being registered cannot be commented on,” the spokesperson said.
Earlier applications to the U.S. SEC from other asset management firms were delayed as unveiled in a September 27 announcement by the SEC. The SEC delayed decisions on ARK 21Shares and VanEck designating a longer period to decide on the proposals.
However, it is predicted that Ether Futures ETFs will be available soon, while a Spot Ether ETF may linger.
Some other firms, such as Proshares, Bitwise, and Kelly ETFs in partnership with Hashdex, VanEck, and Valkyrie, are also exploring the idea of adding an Ether Futures ETF to their portfolio. Valkyrie, for instance, plans to offer Ether futures through its existing Bitcoin Strategy ETF, which has been rebranded as Valkyrie Bitcoin and Ether Strategy ETF. These developments indicate a growing interest in expanding investment options in the cryptocurrency market.
The launch of Ether ETFs offers investors a more accessible entry point into the crypto market, painting towards a wider mainstream acceptance of digital assets.
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