Ark Invest and 21Shares have filed paperwork to launch a spot Ether exchange-traded fund (ETF), becoming the first to file for such a product in the U.S.
- The list of applications for the Securities and Exchange Commission to review just got longer as
The index is designed to reflect the performance of ether in U.S. dollars, and “the Trust will hold ether and will value its Shares daily based on the Index.” Coinbase Custody Trust Company has been selected as the custodian for the Trust. Authorized Participants will then be able to offer shares to the public “at prices that depend on various factors, including the supply and demand for Shares, the value of the Trust’s assets, and market conditions at the time of a transaction.”
After Bitcoin, Ether is the next most likely candidate for a spot ETF as the asset is the second largest crypto by market cap , is widely distributed, and has ample liquidity on the largest cryptocurrency exchanges in the ecosystem.
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