Cboe’s BZX exchange has initiated the process to launch the first spot ether exchange-traded funds (ETFs) in the United States. The exchange has filed 19b-4 documents for ETFs tied to Ark 21Shares and VanEck, formally starting the review process with the U.S. Securities and Exchange Commission (SEC). Once acknowledged, the SEC will have 240 days for a final decision, with intermediary deadlines along the way. Coinbase will serve as the surveillance-sharing partner for both products and as the custodian for the ether held by the Ark 21Shares trust. This move signifies a significant step toward introducing spot crypto ETFs in the U.S., although several asset managers have also recently applied to launch ether futures ETFs.
Cboe Pursues First Spot Ether ETFs in the U.S., Filing for Ark 21Shares and VanEck Products
ETF Newz Says:
The recent appeals court ruling against the SEC’s rejection of a crypto trust bid has added momentum to such ETF approvals, highlighting the correlation between bitcoin futures ETFs and potential spot bitcoin ETFs.