Featured image from iStock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The United States Securities and Exchange Commission (SEC) has been flooded with many applications for Ethereum (ETH) Exchange-Traded Funds (ETFs) in just one week. The applications currently stand at 12, with the latest addition coming from ProShares, a popular fund manager.\u00a0 The platform filed four applications for Ether-based ETFs, including a dual Ether and Bitcoin futures strategy ETF, an Ether Strategy ETF, and a short Ether Strategy ETF.\u00a0 Will The SEC Approve An Ethereum Futures ETF? The recent surge in applications started on the 28th of July this year after Volatility Shares filed its application. Ever since, other asset management companies, including ProShares, Roundhill Financial,\u00a0 Bitwise, Van Eck, and Grayscale Investment, have filled submissions, with some bringing multiple applications.\u00a0 Related Reading: These Are The Factors That Could Lead To Another Bitcoin Rally: ARK Invest The most recent application, filed on August 3 by ProShares, proposes an equal-weight Bitcoin and Ether ETF to measure the performance of holding long positions in the nearest maturing monthly Ether and Bitcoin contracts.\u00a0 According to renowned Financial Expert at Bloomberg Intelligence, James Seyffart, ProShare filed four separate applications with the SEC. Bitwise also submitted three applications, while Grayscale Investments filed two applications.\u00a0 However, despite the growing optimism, it remains to be seen if the Securities and Exchange Commission will approve these filings. The SEC has never approved an ETF that tracks Ether Futures contracts, unlike Bitcoin Futures ETFs that have been around since October 2021. Many market experts have argued that these applications are a mere gamble by these asset management companies, who do not want to miss out on being the first Ethereum ETF in the United States.\u00a0 ETH price holds steady above $1,830 amid ETF race | Source: ETHUSD on Tradingview.com The likelihood of receiving the SEC\u2019s approval remains slim as the regulatory body has never approved an Ethereum futures ETF filing. Add to the mix the consistent refusal of SEC\u2019s Chair, Gary Gensler, consistent refusal to answer if the agency considers ETH a security. This has further compounded regulatory uncertainty around the network. If none of the applications before the SEC get denied, the Ether ETFs will launch 75 days from their respective filing dates. Analysts expect the Volatility Shares ETF to lead the charge on 12th October.\u00a0 Understanding The Difference Between Futures And Spot ETF Products The primary difference between futures and spot ETF products lies in the fact that while the former tracks the price of futures contracts, the latter requires the issuers to purchase the underlying assets. Spot ETFs are generally considered more valid since they require the fund manager to purchase and hold underlying assets.\u00a0 Related Reading: Bank Of Canada Study Shows Crypto Ownership In The Country Fell In The Last 2 Years The current spike in Ether-based applications comes amidst a wave of filings from leading asset management companies, including BlackRock, the world\u2019s largest asset manager, among others. These companies are looking to offer the first spot in Bitcoin ETF in the US.\u00a0 Investors and members of the crypto community remain expectant of the outcome of the SEC\u2019s consideration of the applications lying before it. Whatever decision the agency takes is likely to affect the attractiveness and accessibility of crypto investments, especially for larger institutional investors.\u00a0 Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":545892,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[1944,8379,8323,89010,1946,84816],"class_list":["post-545885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-etf","tag-etfs","tag-eth","tag-eth-etfs","tag-ethereum","tag-ethereum-etfs"],"acf":[],"yoast_head":"\n
Ethereum ETF Race Gets Hotter As SEC Receives 11 Filings In One Week<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n