Ark Invest abandoned Ethereum ETF after weak BTC ETF performance
In its official statement, the company noted that it continues to believe in Ethereum’s “transformative potential and long-term value.” However, Ark will no longer pursue an Ether ETF product.
While the reason for the sudden change remains unclear, Bloomberg analyst Eric Balchunas thinks the decision was caused by the ongoing “fees war” in the market, which makes it harder for issuers to stay profitable. 21Shares is doing the Ethereum ETF solo now, ARK has been dropped from the document and name, but they still remain partners on the Bitcoin and futures' ETFs. Also no fees in any of the new S-1s. Fee war on hold for now., Bitcoin ETFs have not gained traction among financial advisors. Concerns about market timing and regulatory compliance, along with clients' preference for stability and long-term growth, are key reasons.
Despite advisors’ lack of confidence in Bitcoin ETFs, investors do not seem to lose appetite for it. On Friday, BlackRock's Bitcoin ETF saw inflows of $169 million, according to Arkham Dan is a news editor and writer with 12 years of experience in finance and emerging technologies, with a strong focus on crypto.
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