- The cryptocurrency exchange Coinbase will serve as custodian.
- On September 6th, ARK Invest and 21Shares filed with the U.S SEC.
Cathie Wood led ARK Investment Management has proposed an Ether spot ETF. This is in light of the U.S SEC’s decision to postpone ARK’s spot Bitcoin ETF. On September 6th, ARK Invest and 21Shares filed with the SEC to have their spot Ether ETF listed on the Cboe BZX Exchange.
The cryptocurrency exchange Coinbase will serve as custodian for the ARK 21Shares Ethereum ETF, which will track the value of Ether according to the Chicago Mercantile Exchange CF Ether-Dollar Reference Rate.
Moreover, ARK Invest and 21Shares’ proposal is just one of several spot crypto ETFs that the SEC will be looking at. Also, many companies are optimistic about regulatory clearance after Grayscale won an appeal compelling the SEC to reconsider permitting its Bitcoin Trust to be turned into a Bitcoin ETF.
All Eyes on SEC
The SEC decided to hold off on approving or rejecting seven spot Bitcoin ETF applications on August 31, two days after the decision on Grayscale’s ETF. Since the next deadline for approval, rejection, or postponement of the spot Bitcoin ETF from ARK Invest and 21Shares isn’t until November 11, it was not affected by the delay.
Furthermore, this is the third time ARK Invest and 21Shares have tried to introduce a spot Bitcoin ETF onto the market, the most recent version being in 2021. The crypto market has been struggling lately due to the ongoing bear dominance.
The cryptocurrency market as a whole is witnessing a protracted period of bear dominance. Bitcoin’s price is hovering below the $26,000 level. This dry spell has persisted for weeks with no sign of ending.
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