Ark Invest and 21Shares plan to team up and introduce an Ethereum Futures ETF, as indicated in a recent filing to the United States Securities and Exchange Commission (SEC).

For the past two years, both companies have been awaiting approval for their collaborative Bitcoin ETF.

An SEC filing on August 24 lists Ark Invest and 21Shares as sub-advisors for a joint Ethereum ETF product. However, an executive from 21Shares will be actively managing the fund’s day-to-day operations. The statement notes:

“Ophelia Snyder is a portfolio manager from 21Shares, who is responsible for discretionary investment decisions, security selection and portfolio weightings. Ms. Snyder has been primarily responsible for the day-to-day management of the Fund since its inception.”

The filing claims that Ethereum’s future value hinges on its widespread adoption, and any changes to this could affect its price.

“The slowing or stopping of the development or acceptance of the Ethereum network may adversely affect an investment in the Fund,” it states, as it asserts that, like other cryptocurrencies, Ethereum is a “relatively new and developing asset.”

This comes after reports that the SEC is looking to approve the launch of Ether-Futures ETFs by October. 

Six other companies are currently seeking approval for an Ether Futures ETF.

These include Ether Strategy ETF, Bitwise Ethereum Strategy ETF, Roundhill Ether Strategy ETF, VanEck’s Ethereum Strategy ETF, ProShares Short Ether Strategy ETF, and the Grayscale Ethereum Futures ETF.

To learn more about Ethereum gas fees, read BeInCrypto’s guide: When Are Ethereum Gas Fees Lowest?

In 2021, Ark Invest and 21Shares initially sought Bitcoin ETF approval from the SEC. After an initial rejection, the two investment firms faced another setback from the SEC for the same product earlier this year.

Recent reports indicate that the delay could push a decision on the Bitcoin ETF into 2024.

Ark Invest CEO Cathie Wood has been actively commentating on the delayed approval of a spot Bitcoin ETF.

Recently, she stated that the SEC’s delay is aimed at approving several firms simultaneously for a spot Bitcoin ETF. “I think if the SEC is going to approve a Bitcoin ETF, it will approve more than one at once,” she declared.

The post Ark Invest, 21Shares Jump On The Ethereum Futures ETF Bandwagon appeared first on BeInCrypto.

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