- Ark Invest and VanEck have filed for the first spot Ethereum ETFs, aiming to capitalize on the excitement surrounding potential Bitcoin ETFs
- These applications have been submitted through the Chicago Board Options Exchange, and the SEC has until May 2024 to approve or deny them
- The filings reflect a growing belief that the SEC may approve both Ethereum and Bitcoin ETFs, as institutional interest in cryptocurrency ETFs continues to rise
As excitement over a potential Bitcoin ETF grows, Ark Invest and VanEck are both hoping to piggyback on any forthcoming award by filing for the first spot Ethereum ETFs. ArkInvest has teamed up with 21Shares and filed for the Ark 21Shares Ethereum ETF while VanEck has decided to go it alone, with both companies listing through the Chicago Board Options Exchange (CBOE). The applications will see the same pattern as the Bitcoin ETF decisions, with the Securities and Exchange Commission (SEC) having until May next year to allow or deny these inaugural Ethereum ETFs.
ETF Fever Takes Hold
The crypto space has been awash with enthusiasm for ETFs ever since BlackRock filed its Bitcoin ETF application in June, and even more so since Grayscale won its lawsuit against the SEC over the rejection of its own. There have been whispers of a spot Ethereum ETF for some time but nothing concrete until yesterday when the CBOE filed 19b-4 applications for both the ARK 21Shares Ethereum ETF and VanEck Ethereum ETF.
These filings are a departure from the previously submitted S-1 filings, signifying that the countdown for an SEC decision is now in motion; industry experts estimate a final deadline for the decision around May 23, 2024:
The Spot #Ethereum ETF Race is officially on. It’s early but i’d estimate a final deadline on these applications to be around ~May 23, 2024.
Notably, we didn’t see a VanEck spot Ethereum ETF S-1 from VanEck earlier because they filed for this thing all the way back in 2021!! pic.twitter.com/jLve8PpPrE
— James Seyffart (@JSeyff) September 6, 2023
Notably, VanEck filed its S-1 form, which states an intention to file for a full ETF, in 2021, showing that it was waiting for the right time to make its final application. This is despite SEC chair Gary Gensler believing that Ethereum might be a security.
Both companies clearly feel that conditions are ripe for the SEC to finally bow to consumer pressure and approve an Ethereum ETF as well as a Bitcoin ETF.
