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Race for Ether Futures ETFs Kicks Off With 6 Firms Filing SEC Applications
Volatility Shares, Bitwise, VanEck, Roundhill, ProShares and Grayscale have filed applications with the SEC for Ether ETFs.
The clock is ticking this week for the U.S. Securities and Exchange Commission’s (SEC) decision on whether to approve or reject six applications – including BlackRock’s – to list a spot bitcoin exchange-traded funds (ETFs). Cinthia Murphy, ETF Think Tank research director, sheds light on understanding the spot bitcoin ETF race in the U.S.
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- Volatility Shares filed for its ether futures ETF on July 28.
- The first ether futures ETF could go live on Oct. 12, if the SEC does not deny the application.
As many as six entities have filed applications with the U.S. Securities and Exchange (SEC) for ether (ETH) futures-based exchange-traded funds (ETFs), following the bitcoin spot ETF hype some weeks ago.
First off the block was Volatility Shares Ether Strategy ETF, which filed on July 28. Volatility Shares came into the spotlight in June, when its 2x Bitcoin Strategy ETF (BITX) became the first leveraged crypto ETF available in the U.S.
By August 1, Bitwise Ethereum Strategy ETF, VanEck Ethereum Strategy ETF, Roundhill Ether Strategy ETF, ProShares Short Ether Strategy ETF, and Grayscale Ethereum Futures ETF had filed within 24 hours.
Historically, the SEC has never approved any ETF applications tracking Ethereum futures contracts and nearly 10 have been filed previously, a person familiar with the process told CoinDesk.
If the SEC doesn’t deny the applications, the Ether ETFs will launch 75 days from the filing date and Volatility Shares would be the first on Oct. 12, with the others to follow.
The excitement in the crypto market around crypto-related ETFs was triggered after a wave of applications for spot-bitcoin ETFs came into focus, particularly after BlackRock first filed on June 15 and then refiled in early July with Coinbase as a surveillance-sharing partner.
ARK 21Shares Bitcoin ETF is first in the queue among the others including BlackRock’s iShares Bitcoin Trust, Bitwise’s Bitcoin ETP Trust, Fidelity’s Wise Origin Bitcoin Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Strategy ETF, Invesco Galaxy Bitcoin ETF and Valkyrie’s spot-bitcoin ETF.
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Grayscale, which sued the SEC for denying its application to convert its trust product into an ETF, has said that the SEC should approve all spot bitcoin exchange-traded fund (ETF) applications simultaneously if it approves any, to grant equal treatment to all applicants.
Grayscale is a subsidiary of Digital Currency Group, the parent company of CoinDesk.
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Read More: Despite BlackRock, Don’t Expect a Flood of Spot-Bitcoin ETFs Soon: Experts
Edited by Parikshit Mishra.
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Amitoj Singh is CoinDesk’s regulatory reporter covering India. He holds BTC and ETH below CoinDesk’s disclosure threshold of $1,000.
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