{"id":22027,"date":"2023-09-07T00:07:20","date_gmt":"2023-09-07T00:07:20","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/following-sec-delays-ark-invest-and-21shares-file-for-spot-ether-etf\/"},"modified":"2023-09-07T00:07:21","modified_gmt":"2023-09-07T00:07:21","slug":"following-sec-delays-ark-invest-and-21shares-file-for-spot-ether-etf","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/following-sec-delays-ark-invest-and-21shares-file-for-spot-ether-etf\/","title":{"rendered":"Following SEC delays, ARK Invest and 21Shares file for spot Ether ETF"},"content":{"rendered":"

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Amid the United States Securities and Exchange Commission (SEC) delaying a decision on ARK Investment Management\u2019s spot Bitcoin\u00a0exchange-traded fund (ETF), the firm has proposed an investment vehicle with exposure to Ether.<\/p>\n

In a Sept. 6 filing, ARK Invest and 21Shares requested the SEC approve the listing of shares of a spot Ether (ETH)\u00a0ETF on the Cboe BZX Exchange. The investment vehicle, called the ARK 21Shares Ethereum ETF, will have crypto exchange Coinbase act as a custodian and will measure the performance of Ether based on the Chicago Mercantile Exchange CF Ether-Dollar Reference Rate.<\/p>\n

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BOOM: ARK just filed for a Spot Ether ETF, the first one.. prob more coming imminent pic.twitter.com\/PjK5aSNPlS<\/a><\/p>\n

\u2014 Eric Balchunas (@EricBalchunas) September 6, 2023<\/a><\/p><\/blockquote>\n

The proposal from ARK Invest and 21Shares is one of many spot crypto ETFs that will be reviewed by the SEC. Following asset manager Grayscale winning an appeal\u00a0requiring the SEC to reconsider allowing its Bitcoin Trust to be converted into a Bitcoin (BTC)\u00a0ETF, many firms seem to be hopeful of regulatory approval.<\/p>\n

On Aug. 31, two days following the decision on Grayscale\u2019s ETF, the SEC announced it would delay deciding whether to approve or deny spot Bitcoin ETF applications from seven firms, including BlackRock \u2014 the largest in the world. The spot Bitcoin ETF from ARK Invest and 21Shares was not included in the delay, as its next deadline for approval, denial or delay isn\u2019t until Nov. 11.<\/p>\n

Related: <\/em><\/strong>Crypto market \u2018dramatically underestimates\u2019 bullishness of spot Bitcoin ETFs<\/em><\/strong><\/p>\n

The current iteration of ARK Invest\u2019s and 21Shares\u2019 Bitcoin investment vehicle is the firms\u2019 third attempt to launch a spot Bitcoin\u00a0ETF since 2021. In August, the companies also proposed listings of two ETH futures ETFs \u2014 ETFs linked to crypto futures have had more success with the SEC following several approvals in 2021.<\/p>\n

The price of ETH briefly surged following news of the ETF filing. According to data from Cointelegraph Markets Pro, the ETH price rose roughly 3% from $1,623 to $1,669 before returning to between $1,620 and $1,640.<\/p>\n

Magazine: <\/em><\/strong>SEC delays BTC ETF decision, Grayscale triumphs over SEC and BitBoy gets the boot: Hodler\u2019s Digest, Aug. 27 \u2013 Sept. 2<\/em><\/strong><\/p>\n<\/div>\n