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Two leading exchange-traded fund (ETF) providers have set their sights on launching the first spot Ethereum ETF in the U.S. after continued delays from regulators on approving a spot Bitcoin ETF.
ARK Invest and asset manager VanEck filed proposals with the Securities and Exchange Commission (SEC) for Ethereum ETFs that would trade on CBOE Global Markets' BZX Exchange.
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The move comes just days after the SEC pushed back its deadline to approve or deny several spot Bitcoin ETF applications from asset managers like Valkyrie, Invesco, and WisdomTree.
“This kicks off the official race to launch the first U.S. spot Ether ETF,” said Bloomberg Intelligence ETF analyst James Seyffart, who predicts a decision on the newly filed Ethereum ETF applications by May 2024.
The SEC has repeatedly delayed approving any spot crypto ETFs over concerns around price volatility, valuation, liquidity, and potential manipulation in the underlying assets. The regulator has only allowed ETFs based on bitcoin futures to come to market so far.
However, proponents argue that the market has matured significantly, pointing to growing adoption, regulated crypto exchanges, and a market cap of over $1 trillion.
The SEC's continued resistance recently led Grayscale, the world’s largest digital asset manager, to sue the regulator for denying its Bitcoin ETF application.
Earlier this month, a federal appeals court ruled that the SEC must reexamine Grayscale’s proposed Bitcoin ETF after incorrectly applying standards on manipulation risk and investor protection.
While the decision marked a small victory for the industry, the outcome of the SEC’s review remains uncertain.
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