Two additional Ether (ETH) -based exchange-traded funds were filed this week, bringing the total to 23 crypto ETF filings in 2021.
VanEck and ProShares are the latest to announce plans for institutional trading products with an emphasis on Ethereum. In accordance with US securities and amendment fees filed on Wednesday, VanEck is aiming to introduce an “Ethereum Technique ETF” while ProShares is calling its proposed product “Ether Technique ETF”.
Each ETF intends to promote Ether with ETH advertising by investing in ETH futures contracts along with pooled finance cars and various exchange-traded goods. Consistent with the paperwork, the Funds will not buy Ether immediately.
Every company has already used Bitcoin ETFs; Nevertheless, the SEC remains hesitant and only has to agree to some. Earlier this month, Kryptoin applied for an “Ethereum ETF Belief,” which marks the 21st software in 2021, and the last two will deliver it by the 23rd.
Speaking to Blockworks, Nate Geraci, president of the ETF retailer said, “Given the latest SEC bulletins … it is extremely likely that a Bitcoin Futures ETF will likely be accredited earlier than an Ether Futures product.”
“It is not unreasonable to consider that a Bitcoin futures ETF could be accredited before the 12 months are up.”
ProShares is a division of ProFunds Group that manages numerous mutual funds with total assets under management of approximately $ 50 billion, while VanEck has total assets of approximately $ 65 billion.
Connected with: Bitcoin ETF can come to the US, but not all crypto buyers think about whether it is mandatory
On May 7th, VanEck filed its Ether ETF and a few weeks later, on May 28th, Knowledge Tree filed software for the same fund with the SEC. In June, the ProFunds Group filed the “ProShares S&P Kensho International Crypto & Blockchain ETF” with the SEC.
On Aug. 10, Cointelegraph reported that SEC chairman Gary Gensler was suggesting that he may be more open to accepting ETFs that are primarily based on crypto futures, more reasonably than direct advertising. On August 9, VanEck presented another prospectus for an exchange-traded Bitcoin technology fund.