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In a groundbreaking move amidst ongoing regulatory uncertainty, ARK Investment Management and 21Shares have filed for an Ether (ETH) exchange-traded fund (ETF) in the United States (Ether ETF). If approved, this would be the first US-based ETF offering direct exposure to Ether’s spot price. The filing comes on the heels of a decision by a US court to overturn the Securities and Exchange Commission (SEC)’s denial of Grayscale’s spot Bitcoin ETF. The Ether price experienced a short surge following news of the ETF filing.
Read More: Bitcoin Price Dips to 6-Month Low Amidst Anticipation of ETF Decision
SEC Delays and the Path to Ether ETF Approval
Despite delays by the SEC on deciding the fate of ARK Investment Management’s spot Bitcoin ETF, the firm has shifted gears and proposed an investment vehicle with exposure to Ether, the world’s second-largest cryptocurrency by market capitalization. If approved, the ETF would be the first of its kind in the US. But so much more, it will provide a much-craved direct exposure to spot Ether for investors in the country.
The recent overturning of the SEC’s denial for Grayscale’s spot Bitcoin ETF signals a potential change in the regulatory landscape. An approval would only bolster the legitimacy of Ether as an asset class. Furthermore, it would also provide a possible boost for other cryptocurrency ETFs in the pipeline.
Read More: Bitcoin ETF: Bloomberg Analyst Thinks Approval Not Good Major Crypto Exchanges
Ether Sees Price Spike Amid News of ETF Filing
As news of the Ether ETF filing spread across the cryptocurrency community, Ether’s price saw a brief uptick. The price of ETH rose roughly 3%, from $1,623 to $1,670, before closing for the day at $1633. This price action highlights investors’ keen interest in cryptocurrency-focused ETFs as a legitimate means of exposure to the growing market
Disclaimer: Please note that this article serves solely for informational purposes and should not be construed as financial advice. We strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions.
