Asset management giant Invesco has teamed up with Mike Novogratz’s Galaxy Digital to apply for an Ethereum (ETH) spot exchange-traded fund (ETF), following their joint application for an equivalent Bitcoin (BTC) product in June.

Per the firm’s S-1 registration statement, the Invesco Galaxy Ethereum ETF will “reflect the performance of the spot price of ether” by holding units of the cryptocurrency with a separate custodian, who is yet to be identified. While Invesco is the sponsor, Galaxy Digital is its “execution agent,” which will sell ETH to pay the Trust’s expenses.

This marks the fourth Ethereum spot ETF application to land in the SEC’s mailbox in recent weeks, following similar filings from Ark Invest/21Shares, VanEck, and Hashdex earlier this month.

The industry has maintained that a spot ETF is the next logical milestone for crypto investment in the U.S. now that an Ethereum futures product looks all but guaranteed to launch next week.

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Author: Andrew Throuvalas

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