In a bold move that demonstrates confidence amidst a regulatory landscape plagued by delays, ARK Investment Management and 21Shares have put forward a proposal for a spot Ethereum exchange-traded fund (ETF). This initiative, outlined in a filing on September 6, envisions the listing of an ETF on the Cboe BZX Exchange, potentially paving the way for a revolutionary investment channel in the US crypto sphere.
Shining a Beacon of Hope in a Sea of Regulatory Uncertainty
Undeterred by recent SEC reports affecting various spot Bitcoin ETF proposals, ARK Investment and 21Shares exhibit a bullish stance on the prospective regulatory approval of their venture. This optimism stems from a recent development whereby asset manager Grayscale succeeded in forcing the SEC to reconsider its position on converting its Bitcoin Trust into a Bitcoin ETF. The momentum appears to have reignited the aspirations of many companies to attain a favorable verdict.
It is worth noting that as of August 31, the SEC has decided to delay its decision on the fate of spot Bitcoin ETF applications from a range of companies, with BlackRock at the forefront as the largest entity under review. Importantly, ARK Invest and 21Shares’ proposal remains unaffected by this delay, as the deadline for a decision – whether it be an approval, rejection, or further postponement – looms on November 11.
The current endeavor is not the duo’s first foray into the ETF realm. It marks their third attempt to launch a spot Bitcoin ETF since 2021. Additionally, they are simultaneously exploring avenues in Ether futures ETFs, an area where the SEC seemed to display a more receptive attitude last year.
