Crypto adoption continues despite the crypto market flooding the red. Investment companies have repeatedly filed with the SEC for the futures Ethereum ETF. Now ARK Invest and 21Shares ETH are lined up for the futures ETF. Another feature of this file is that companies have made a joint application for altcoin.
Giant investment firms apply for futures Ethereum ETF
Reports have recently surfaced that the SEC is likely to greenlight Ethereum-ETF applications. Investment firms ARK Invest and 21Shares have teamed up for two ETH futures ETFs. cryptocoin.com As you follow, reports emerged last week that the United States securities regulator may soon start approving applications. The joint dossier also came just a week after these reports.
The two proposed Ethereum futures ETFs are “ARK 21Shares Active ETH Futures ETF” (ARKZ) and “ARK 21Shares Active Bitcoin Ethereum Strategy ETF” (ARKY), according to the companies filing with the Securities and Exchange Commission on August 24. The application states that ARKZ will invest at least 25% of its total assets in cash-settled ETH futures contracts, such as those traded on the Chicago Mercantile Exchange (CME). ARKY, on the other hand, will consist of both leading crypto Bitcoin and leading altcoin Ethereum futures contracts.
ARK 21Share has filed two more Bitcoin/Ethereum ETF applications with the SEC. Source: SEC.Firms await the results of their Bitcoin ETF applications
Meanwhile, the companies have appointed Empowered Funds as investment advisors for two Ethereum products. Ark Invest and 21Shares first partnered for a spot Bitcoin ETF in 2021. The SEC turned down its first two attempts in March 2022 and January. The most recent Bitcoin spot ETF application was made in April. That was about two months before the $10 trillion BlackRock firm filed its own application.
However, the SEC recently described most Bitcoin spot ETF applications as unsatisfactory. This resulted in ARK 21Shares and other applicants adding a surveillance sharing agreement to their application. Investment firms are also awaiting the results of the Ark 21Shares Active Bitcoin Futures ETF (ARK) and the Ark 21Shares Active On-Chain Bitcoin Strategy ETF (ARKC). Now they will need to convince the SEC for the futures Ethereum ETF as well.
