VanEck and ProShares Submit Applications for Ethereum Futures-Based ETFs

Asset management firms ProShares and VanEck filed applications with the SEC to launch Ethereum futures-based exchange-traded funds Ether Strategy ETF and Ethereum Strategy ETF respectively.

The filings comply with the Investment Company Act of 1940. According to SEC Chair Gary Gensler, it provides stronger protections than the Securities Act of 1933.

Neither vehicle contemplates direct investment in the second-largest cryptocurrency by market capitalization.

In addition to Ethereum futures, ETFs may invest in pooled funds and other exchange-traded products focusing on ETH.

Earlier, Kryptoin Investment Advisors filed a similar Ethereum ETF application.

Earlier, filings for Bitcoin ETFs, in line with SEC recommendations, were submitted by Valkyrie Investments, VanEck, Invesco, ProShares and Galaxy Digital.

Bloomberg analysts expect the SEC will likely approve them.

In July, Coinbase experts said the imminent approval of a Bitcoin ETF was inevitable.

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