Asset managers Invesco and Galaxy Digital filed a joint application with the U.S. Securities and Exchange Commission (SEC) to launch ETF based on Ethereum.
According to the filing, the instrument will track the spot price of the second-largest cryptocurrency by market capitalization. ETH will be held by a separate custodian, which has not yet been named.
On September 27, the SEC postponed a decision on similar applications from 21Shares and VanEck until the end of the year. The regulator is also reviewing a request from Hashdex.
Ethereum futures ETFs could appear as early as next week. Bitwise, a digital-asset manager, announced the launch of Bitwise Ethereum Strategy ETF and Bitwise Bitcoin and Ether Equal Weight Strategy ETF on October 2.
Applications for similar instruments have also been filed by VanEck, Valkyrie, 21Shares and ARK Invest, Grayscale Investments and others.
In July, the SEC began considering applications for spot Bitcoin ETFs from BlackRock, VanEck, Invesco, Fidelity Investments and WisdomTree. Later, Franklin Templeton joined them.
So far, the regulator has not issued any approvals for spot ETFs on digital gold. The Commission made an exception for futures-based products on the first cryptocurrency from ProShares and Valkyrie Investments.
As of August 31, the SEC postponed its decision on several Bitcoin ETFs until at least mid-October. At the end of September the regulator moved consideration of applications to January 2024.