Ethereum

Spot

Grayscale Bitcoin Trust

James

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<p>ARK 21Shares <a href="https://www.sec.gov/Archives/edgar/data/1992508/000119312523229449/d450565ds1.htm#tx450565_2" rel="noopener noreferrer nofollow">has released</a> a preliminary prospectus for its spot Ethereum exchange-traded fund (ETF). Scheduled to trade on the Cboe BZX Exchange, the ARK 21Shares Ethereum ETF aims to track the performance of ether via the CME CF Ether-Dollar Reference Rate – New York Variant.&nbsp;</p> 
<p>This Index reflects the performance of ether in U.S. dollars and is administered by CF Benchmarks Ltd.&nbsp;</p> 
<p>The ETF itself won't actively trade ether, it will offer "in-kind" transactions in blocks of 5,000 shares, which are based on the quantity of ether attributable to each share.&nbsp;</p> 
<p>According to the prospectus, the Trust will custody its ether with Coinbase Custody Trust Company, LLC.</p> 
<h2 id="ethereum-etf-speculation-rises">Ethereum ETF speculation rises</h2> 
<p>The Ethereum ETF comes amid heightened speculation around cryptocurrency exchange-traded funds. The number of applications for <a href="https://u.today/ethereum-eth-eyes-crash-to-1200-unless-this-happens-expert-warns" rel="noopener noreferrer nofollow">Ethereum</a> and Bitcoin futures ETFs has surged to twelve, following recent submissions from key players like Bitwise.&nbsp;</p> 
<p>As <a href="https://u.today/odds-of-ethereum-etf-approval-surge-analysts" rel="noopener noreferrer nofollow">reported by U.Today</a>, ETF analysts James Seyffart and Eric Balchunas recently raised the likelihood of Ethereum futures ETFs receiving approval to 75%, matching the odds they gave to Bitcoin futures ETFs last year.&nbsp;</p> 
<h2 id="the-sec-s-etf-dilemma">The SEC's ETF dilemma&nbsp;</h2> 
<p>Grayscale Investments is pushing the U.S. Securities and Exchange Commission (SEC) to quickly approve its conversion of the Grayscale Bitcoin Trust into an ETF after a court ruling that the SEC had erred in its initial rejection of the application. The SEC, which has until mid-October to seek reconsideration, could either approve Bitcoin ETFs this year or delay the process until 2024 if it decides to appeal the court decision.</p> 
<p>&nbsp;Jay Clayton, former chair of the SEC, has indicated <a href="https://u.today/former-sec-chair-says-spot-bitcoin-etf-approval-is-inevitable" rel="noopener noreferrer nofollow">in a recent CNBC interview</a> that the approval of spot Bitcoin ETFs is "inevitable," but there's no certainty that Ethereum will follow the same path.&nbsp;</p>

ARK and 21Shares Team Up for Groundbreaking Spot Ethereum ETF

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