VanEck Files for First U.S. Ethereum ETF

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  • VanEck has filed for the first Ethereum ETF in the U.S.
  • VanEck is one of the companies that has filed for a Bitcoin ETF
  • The company notes the DeFi movement as one reason behind Ethereum’s maturity

VanEck, the serial Bitcoin ETF applications, have broadened their crypto horizons by filing for the first Ethereum ETF. Having seen the success of the three Ethereum ETFs already in play north of the border in Canada, The VanEck Ethereum Trust is looking to open up the same opportunity to U.S. investors. VanEck is one of nine entities to have filed for a U.S. Bitcoin ETF since the end of 2020, but they are the first to have filed for an Ethereum ETF, the very act of which highlights the institutional demand for the second biggest cryptocurrency.

Ethereum ETF Application Cites Platform Growth

VanEck revealed the filing on Friday, once again working in partnership with Cboe BZX Exchange, the same exchange through which they filed for the Bitcoin ETF. The filing itself noted just how far Ethereum has come in recent years, stating that “the ETH market has matured such that it is operating at a level of efficiency and scale similar in material respects to established global equity, fixed income and commodity markets.”
Some of the examples that VanEck give for this maturity include the introduction of an Ethereum futures market; the development of the DeFi lending space, which is of course based on Ethereum; the development of “institutional-quality custody services”. VanEck says that all of these factors, and more, have “combined to improve the efficiency of the ETH market, creating a dynamic, institutional-quality, two-sided market.”

VanEck Won’t be the Only Ones

Given that the filing has only been made in recent days we cannot expect it to be approved this year, if at all, and if Ethereum continues to mature as it has in recent years then it’s unlikely that VanEck will remain the only Ethereum ETF applicant for long.