Reports indicate that Invesco and Galaxy Digital submitted an application for a spot Ether exchange-traded fund (ETF) on September 29, continuing the trend of asset management firms pursuing digital asset offerings.
Invesco & Galaxy Digital Logo (CNW Group/Galaxy Digital Holdings Ltd.)
Bloomberg ETF analyst James Seyffart shared the submission on X (formerly Twitter), although the application had not been posted on the SEC’s public database at the time of writing.
Invesco Galaxy just filed for a spot Ether ETF, I think this is the 3rd of 4th one of these, have to check tho.. pic.twitter.com/SIJVu8VzFk
— Eric Balchunas (@EricBalchunas) September 29, 2023
An Invesco spokesperson declined to confirm the application, citing the customary practice of refraining from commenting on products undergoing registration. Galaxy Digital did not provide a response at the time of this report.
The joint application by Invesco and Galaxy Digital aligns with the ongoing trend among investment managers seeking regulatory clearance for spot ETH ETFs.
Just days before this submission, on September 27, the SEC extended the deadline for determinations on previous ETF requests to December 26.
The SEC justified the extension, citing the need for additional time to comprehensively assess the proposed rule alteration and its associated matters.
Learn more about the extension here.
While a spot Ether ETF may not be imminent, futures-based Ether ETFs could materialize in the near future, with investment firms preparing to introduce ETH futures products to their portfolios as early as the upcoming week.
For example, VanEck announced its forthcoming Ethereum Strategy ETF, EFUT, set to list on the Chicago Board Options Exchange in the imminent days.
Valkyrie, an asset management firm, is entering the crypto futures ETF arena by providing exposure to Ether futures through its existing Bitcoin Strategy ETF, now rebranded as the Valkyrie Bitcoin and Ether Strategy ETF.
Bitwise has filed a revised prospectus for its equal-weight Bitcoin and Ether futures ETF, with the launch expected in the upcoming week. Proshares has applied for a futures-based Ether ETF, and Kelly ETFs has partnered with Hashdex for their futures Ether ETFs in the near term.
These ETF introductions could bring about a significant transformation in Ethereum’s accessibility and adoption, offering investors a regulated and potentially more convenient means to access the cryptocurrency.
