Crypto exchange-traded-products issuer 21Shares and Cathie Wood’s ARK Investment Management are seeking to offer the first US ETF that invests directly in Ether.
The firms are hoping to debut the ARK 21Shares Ethereum ETF, according to a Wednesday filing with the US Securities and Exchange Commission. Their application is the first of its kind and, if offered, would mark the first US exchange-traded fund that’s physically backed by the second-largest cryptocurrency after Bitcoin. The fund would trade under the ticker ARKE.
“There’s been so much regulatory controversy about a Bitcoin spot ETF that I guess many people thought it was a step too far — but we don’t,” ARK’s Wood said. “And it’s always nice to be first.” 21Shares and ARK, which have been working together since at least 2021, also have applications out for six other crypto-centric ETFs for US investors, according to the SEC website, including one that would hold Bitcoin and Ether futures, which hasn’t yet been approved by the SEC. They are seeking to offer a spot-Bitcoin ETF, having re-filed for an application for the fund in April. Other companies have also joined that race.
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