While the decision on the Spot Bitcoin (CRYPTO: BTC) ETFs is extended to Jan. 10, futures-based Ether ETFs are likely to open trade as soon as today. Invesco Galaxy Digital is the latest to join the race by filing for a spot Ether ETF.
What Happened: Asset managing company, Invesco and Galaxy Digital have taken a step ahead in the crypto space with the filing for a spot Ethereum (CRYPTO: ETH) ETF named Invesco Galaxy Ethereum ETF. Meanwhile, there is no official filing on the SEC’s public database, according to a post from Bloomberg ETF analyst James Seyffart via X (formerly Twitter).
OKAY: This looks to be the full list of #Ethereum Futures ETFs that will be given SEC accelerated approval to launch on Monday. Assuming they are all operationally ready to go & assuming no last minute entrants. A potential 9 ETFs with ETH futures trading on Monday pic.twitter.com/eQF6MWL4kPTrending:
— James Seyffart (@JSeyff) September 29, 2023
This move involves Galaxy Digital Funds which will act as the execution agent and manage the sale of Ethereum. The ETF will directly hold ether.
Invesco’s partnership with Galaxy Digital traces back to September 2021 for creating physically backed crypto ETFs. In June 2023, Invesco filed for a spot bitcoin ETF which was just after BlackRock forayed into the race.
Why It Matters: The U.S. crypto ETF market is all set for some exciting upcoming few months with many players looking at grabbing the top spot for launching their ETFs. Invesco Galaxy news comes on the heels of numerous investment managers looking at regulatory approvals for a Spot Ethereum ETF.
On the other hand, futures-based Ether ETFs will be available as soon as next week. VanEck will be listing its Ethereum Strategy ETF (EFUT) on the Chicago Board Options Exchange in the upcoming days, Valkyrie is also set to debut its crypto ETF through its rebranded Valkyrie Bitcoin and Ether Strategy ETF and Bitwise also submitted for their equal-weight Bitcoin and Ether futures ETF which will be live next week. Hashdex is also looking for a mixed fund consisting of both ether futures and spot ether exposures.
This week saw the SEC delaying decisions on earlier applications for Spot Bitcoin ETF from ARK 21Shares and VanEck. It has set a new deadline of Jan. 10 for approval or denial of the product.
Notably, spot crypto ETFs trade in other countries like Canada, Brazil, Netherlands. However, the U.S. SEC has never allowed such funds to launch.
Produced in association with Benzinga