All Approved At Once – Report on Ether Futures ETFs

SEC to Approve Multiple Ether Futures ETFs

The Wall Street Journal recently reported that the United States Securities and Exchange Commission (SEC) is likely to approve multiple applications for Ether futures exchange-traded funds (ETFs) at the same time, citing sources familiar with the matter.

Since July, the regulator has been flooded with requests from various investment firms, with some combining Bitcoin (BTC) and Ether strategies. The SEC has not instructed the firms to withdraw their applications, a change from 2021 when firms were told to withdraw similar applications. This could mean that the regulator won’t block the fund’s launch within a few weeks, according to the WSJ sources.

At least 16 applications for Ether or Bitcoin-Ether futures ETFs are awaiting regulatory approval. Ether is the native coin of the Ethereum blockchain, used for peer-to-peer transactions within the decentralized network. A crypto futures ETF tracks the performance of crypto futures contracts, such as Shiba Inu crypto, Crypto.com, and Web 3.0 crypto. For example, instead of investing directly in Bitcoin or Ethereum, a crypto futures ETF invests in futures contracts that are tied to the price of these digital assets.

As the prospect of crypto futures approval looms, the SEC keeps receiving requests. Earlier this week, asset management firm Valkyrie filed for an Ether futures ETF in addition to a previous application combining a Bitcoin-Ether futures strategy. Valkyrie is the first in line in this race, and could see its BTC-ETH ETF debuting in early October.

In the ETF industry, having a first-mover advantage is essential. According to the WSJ citing data from Morningstar, ProShares, the first to offer a Bitcoin futures ETF, has gathered $1 billion in assets under management since its launch in October 2021, while Valkyrie’s similar product, launched a few days later, has accrued nearly $28 million in assets under management.

The SEC has yet to make a major decision on whether to approve a spot Bitcoin ETF in the United States. Big names such as Fidelity and BlackRock are waiting for the approval. According to the application’s timeline, the SEC has until January to give a definitive answer.

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