Ethereum Futures ETFs Experience Surge in Applications

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On August 24, a noticeable uptick in Ethereum futures ETF applications was observed with the U.S. Securities and Exchange Commission. The latest contributors to this trend are ARK Invest and 21Shares, who have presented two fresh proposals.

The New Ethereum Futures ETF Proposals 

ARK Invest and 21Shares have set forth their plans for the “ARK 21Shares Active Ethereum Futures ETF” (ARKZ). They’re also introducing the “ARK 21Shares Active Bitcoin Ethereum Strategy ETF” (ARKY).

In 2021, these firms previously joined forces, aiming to inaugurate a spot Bitcoin ETF. Regrettably, the SEC has continuously dismissed such spot applications. A substantial tally of 16 applications – a mix of Ethereum-only and combined Ethereum and Bitcoin ETFs – await the SEC’s green light.

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October could potentially emerge as a significant month for crypto enthusiasts. A considerable number of initial decision deadlines converge around mid-October. Anticipation is rife, with industry watchers eager to discern if the SEC might ease its typically stringent position.

The Valkyrie ETF stands out, anticipating its judgment around October 3 or 4. It aims to blend BTC and ETH offerings. Conversely, Volatility Shares seeks to be the pioneer in launching a pure Ethereum futures ETF, with its verdict expected by October 12.

Expert Opinions 

Nate Geraci, President of ETF Store, remarked on the growing interest. “The sheer number of entrants in this space is astounding,” he observed, expressing optimism that spot ETFs might soon see approval. Echoing his sentiments, James Seyffart, Bloomberg’s ETF analyst, shared, “The logic seems to align with firms wishing to cement their position in crypto offerings. Even if profitability is initially elusive, the move becomes essential.”

However, it’s crucial to temper expectations. While indicative of industry momentum, these filings haven’t buoyed the ETH price. Ethereum, paralleling Bitcoin, persists in navigating a downtrend, reflecting a broader bearish sentiment in the crypto market.

As the crypto world eagerly awaits the SEC’s decisions, the industry pushes boundaries and seeks innovative avenues. Whether or not the SEC will align with these aspirations remains a matter of keen interest and anticipation.

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