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 <p class="is-style-lead">ARK Invest and 21Shares have jointly applied for two futures exchange-traded fund (ETF) products involving ether (ETH) and bitcoin (BTC).&nbsp;</p> 
 <p>The applications lodged with the Securities and Exchange Commission (SEC) by Empowered Funds, the investment advisor for the products, on Aug. 24 detail two ETFs:</p> 
 <ul> 
  <li>the ARK 21Shares Active Ethereum Futures ETF (ARKZ)</li> 
  <li>the ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY).</li> 
 </ul> 
 <p>Unlike direct investment in digital assets or spot products, these ETFs will focus on cash-settled futures contracts traded on registered commodity exchanges like the Chicago Mercantile Exchange (CME).</p> 
 <p>According to the filing, ARKZ will allocate at least 25% of its investments to ether futures products related to the ETH cryptocurrency. The remaining funds will be distributed among US Treasuries, money market instruments, and repurchase agreements.</p> 
 <p>ARKY will follow a similar pattern, investing at least 25% in ether and bitcoin futures products, with the rest going to cash and cash equivalents, mainly US government securities.</p> 
 <p>This development comes on the heels of reports that the SEC is&nbsp;considering approving the launch&nbsp;of Ether-Futures ETFs by October.</p> 
 <p>Currently, six other firms are seeking approval for an Ether Futures ETF, including&nbsp;Valkyrie Ethereum Strategy ETF, Bitwise Ethereum Strategy ETF, Roundhill Ether Strategy ETF,&nbsp;VanEck’s Ethereum Strategy ETF,&nbsp;ProShares Short Ether Strategy ETF, and Grayscale Ethereum Futures ETF.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> SEC nears approval of ether futures-based ETF 
 </div> 
 <h2 class="wp-block-heading" id="strong-bitcoin-etfs-face-approval-challenges-strong"><strong>Bitcoin ETFs face approval challenges</strong></h2> 
 <p>Ark Invest and 21Shares initially joined <a rel="noopener noreferrer nofollow" title="forces" href="https://thebittimes.com/tag/forces.html">forces</a> to launch a spot Bitcoin ETF in 2021. However, the SEC rejected their first two attempts in&nbsp;March 2022&nbsp;and January of this year.</p> 
 <p>The most recent Bitcoin spot ETF&nbsp;application was submitted&nbsp;in April, shortly before BlackRock, a $10 trillion firm,&nbsp;filed&nbsp;its application.</p> 
 <p>The SEC has recently found many of the Bitcoin spot ETF applications lacking, leading ARK 21Shares and other applicants to&nbsp;include a surveillance-sharing agreement&nbsp;in their applications.</p> 
 <p>The investment firms are now awaiting the decisions on Ark 21Shares Active Bitcoin Futures ETF (ARKA) and Ark 21Shares Active On-Chain Bitcoin Strategy ETF (ARKC).</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Former SEC official: Bitcoin ETF approval won’t happen any time soon 
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ARK Invest and 21Shares join forces for crypto ETFs

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