Amid the United States Securities and Exchange Commission (SEC) delaying a decision on ARK Investment Management’s spot Bitcoin exchange-traded fund (ETF), the firm has proposed an investment vehicle with exposure to Ether.

In a Sept. 6 filing, ARK Invest and 21Shares requested the SEC approve the listing of shares of a spot Ether (ETH) ETF 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.

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

— Eric Balchunas (@EricBalchunas) September 6, 2023

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 requiring the SEC to reconsider allowing its Bitcoin Trust to be converted into a Bitcoin (BTC) ETF, many firms seem to be hopeful of regulatory approval.

On Aug. 31, two days following the decision on Grayscale’s ETF, the SEC announced it would delay deciding whether to approve or deny spot Bitcoin ETF applications from seven firms, including BlackRock — 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’t until Nov. 11.

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Author: Turner Wright

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