Two popular
companies in the exchange-traded funds (ETFs) sector, VanEck and ARK Invest, demonstrate
that the old adage ‘when one door closes, another opens’ may hold true in the
cryptocurrency market. After unsuccessfully attempting to create a spot Bitcoin
(BTC) ETF, companies have decided to try their luck with another instrument. They
both chose Ethereum (ETH), the second-largest crypto asset by market
capitalization.
On 6
September, the Chicago Board Options Exchange (CBOE) filed two applications
with the Securities and Exchange Commission (SEC) to create VanEck Ethereum ETF
and ARK 21Shares Ethereum ETF, which would be listed on the CBOE’s BZX
exchange.
According
to Bloomberg analyst James Seyffart, who specializes in the ETF market, this
officially kicks off the race to establish the first spot Ethereum ETF in the
United States. Seyffart predicts that these applications should be decided by
May 2024.
BOOM: 19b-4 filing from @vaneck_us AND @ARKInvest/@21co__ for spot Ethereum ETFs.
This is different from the earlier Ark/21shares S-1 filing because this will ultimately start that clock we are so used to following with spot Bitcoin filings. pic.twitter.com/qP7nydc33w
— James Seyffart (@JSeyff) September 6, 2023
He also
speculates on when…
