After a flood of spot Bitcoin ETF applications, SEC has now received a handful of Ether futures ETF filings.
The US Securities and Exchange Commission (SEC) is now awash in applications for Ether (ETH) futures exchange-traded funds (ETFs), having received an astonishing 11 submissions in less than a week.
The latest application from ProShares on August 3rd adds to the Ether futures ETF trend. This application shows an active pursuit of emerging opportunities in the crypto market, specifically tracking "the performance of holding long positions in the nearest maturing monthly Bitcoin and Ether futures contracts."
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ProShares, a prominent fund manager, has been especially active, filing a total of four separate Ether-based ETFs in just a few days. According to James Seyffart, a Bloomberg ETF analyst, the filings from ProShares include an array of strategies encompassing a short Ether strategy ETF, an Ether strategy ETF and a dual Bitcoin and Ether futures strategy ETF.
The flood of Ether-based ETF applications began with Volatility Shares lodging its filing for the Volatility Shares Ether Strategy ETF on July 28th. Following closely were Bitwise Asset Management, Roundhill Financial, Van Eck, ProShares, and Grayscale Investments, all of whom submitted new Ether futures applications on August 1st.
The chain reaction signifies a coordinated interest in Ether-related investments, reflecting a robust appetite among various asset management firms. However, interestingly, the SEC has never approved an ETF that tracks Ether futures contracts, whereas Bitcoin futures ETFs have been a reality since October 2021.
If the SEC decides to approve applications, the Ether ETFs are expected to launch 75 days from their filing dates, starting with Volatility Shares ETF on October 12th.
The flurry of Ether-based applications is not an isolated incident. It follows a frenzy of filings from major asset management companies aiming to launch spot Bitcoin ETFs, with the world’s largest asset manager BlackRock seeking to offer the first spot Bitcoin ETF in the United States.
The unprecedented wave of Ether ETF applications has pushed the SEC into the spotlight, reflecting a rapidly evolving crypto investment environment. Whether a sign of market maturity or an opportunistic surge, this trend may reshape the future of cryptocurrency investments, especially if the SEC approves these applications. The crypto world will be watching closely, as the outcomes may herald a new era for Ether-based financial products.
