Key Points:
Bloomberg‘s report on August 17, drawing from undisclosed sources familiar with the situation, revealed that approximately twelve companies, including ProShares, Volatility Shares, Bitwise, and Roundhill, have recently filed applications to launch Ether futures-based ETFs.
Notably, the regulator appears inclined to greenlight these applications rather than obstruct them.
Industry insiders indicated that these prospective ETFs would rely on futures contracts tied to the second-largest cryptocurrency, Ether.
While it remains uncertain which ETF applications will secure approval, officials hinted that some filings might be endorsed as early as October.
Meanwhile, the commission remains embroiled in a contentious dispute with the crypto industry regarding its resistance to ETFs centered around Bitcoin itself.
An impactful legal case involving Grayscale Investments LLC challenges the SEC’s denial of an application to transform its Bitcoin trust into an ETF. In parallel, various entities, including BlackRock, have recently submitted applications for Bitcoin-based ETF listings.
BlackRock’s June filing temporarily boosted Bitcoin’s value above $31,000; although the cryptocurrency has hovered around $29,000 for most of July and August, it was trading near $26,000 on Thursday. Ether, however, demonstrated a positive reaction to this news, rebounding by more than 12%.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Willemstad, Curaçao, 4th November 2024, Chainwire
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