Investment firms ARK Invest and 21Shares have filed for the first US spot Ethereum ETF. The ETF, which would be called the “ARK 21Shares Ethereum ETF”, would track the price of Ethereum, the second-largest cryptocurrency by market capitalization.
The filing comes as the cryptocurrency market is gaining momentum. Ethereum has seen its price surge in recent months, and the launch of a spot ETF could further boost demand for the asset.
A spot ETF would allow investors to buy and sell Ethereum directly, without having to go through a futures contract. This would make it easier for investors to get exposure to the cryptocurrency, and could help to reduce volatility in the market.
ARK Invest and 21Shares are not the only companies that have filed for a spot Ethereum ETF. Several other firms, including Grayscale Investments and VanEck, have also made similar filings.
It remains to be seen when the SEC will approve a spot Ethereum ETF. However, the filing by ARK Invest and 21Shares is a positive sign for the cryptocurrency industry. It shows that the SEC is open to the idea of investing in cryptocurrencies, and could pave the way for more spot ETFs to be approved in the future.
Here are some other things to include in your article:
The background of ARK Invest and 21Shares.
The reasons why investors might want to buy a spot Ethereum ETF.
The potential impact of a spot Ethereum ETF on the cryptocurrency market.
The risks associated with investing in a spot Ethereum ETF.