Invesco Galaxy applies for Ether spot ETF

Asset managers maintain pursuing digital asset merchandise, as Invesco and Galaxy Digital allegedly filed for a spot Ethereum (ETH) exchange-traded fund (ETF) on Sept. 29. 

Bloomberg ETF analyst James Seyffart disclosed the submitting on X (previously Twitter), despite the fact that the applying hasn’t been uploaded to the SEC’s public database on the time of writing.

Invesco Galaxy simply filed for a spot Ether ETF, I believe that is the third of 4th considered one of these, need to verify tho.. pic.twitter.com/SIJVu8VzFk

— Eric Balchunas (@EricBalchunas) September 29, 2023

A spokesperson for Invesco declined to substantiate the applying, stating that merchandise nonetheless being registered can’t be commented on. Cointelegraph reached out to Galaxy, however didn’t instantly obtain a response.

With the Sept. 29 submitting, Invesco and Galaxy be a part of a rising line of funding managers in search of regulatory approval for a spot ETH ETF. On Sept. 27, the SEC delayed selections on earlier purposes from ARK 21Shares and VanEck, extending the deadline till Dec. 25-26. “The Fee finds it acceptable to designate an extended interval inside which to take motion on the proposed rule change in order that it has ample time to contemplate the proposed rule change and the problems raised therein,” stated the SEC.

Though a spot Ether ETF will not be out there for some time, futures-based Ether ETFs must be out there as quickly as subsequent week. On Sept. 28, funding companies began gearing up so as to add ETH futures automobiles to their portfolios. VanEck, as an illustration, revealed an announcement about its upcoming Ethereum Technique ETF — tickered EFUT — that shall be listed on the Chicago Board Choices Trade within the coming days.

One other firm debuting a futures crypto ETF is Valkyrie. The asset supervisor will start providing publicity to Ether futures by its current Bitcoin Technique ETF, now rebranded as Valkyrie Bitcoin and Ether Technique ETF. A Valkyrie spokesperson informed Cointelegraph that the agency’s Bitcoin Technique ETF will enable buyers entry to Ether and Bitcoin (BTC) futures “beneath one wrapper.”

Likewise, Bitwise submitted an up to date prospectus for his or her equal-weight Bitcoin and Ether futures ETF on Sept. 28, which can also be anticipated to go stay subsequent week. Based on Seyffart, Proshares additionally utilized and Kelly ETFs partnered with Hashdex to ship futures Ether ETFs within the coming days.

Ether is buying and selling within the inexperienced on the time of writing at $1,666, pushed by euphoria over the debut of futures ETFs.

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