The race for the first Ethereum (ETH) exchange-traded fund is on after asset management giant VanEck filed its application with the U.S. Securities and Exchange Commission (SEC).
On Friday, the global investment manager submitted its application for the VanEck Ethereum Trust as the firm awaits the SEC ruling on its proposed Bitcoin ETF. Shares for both crypto ETFs will trade on the Chicago Board Options Exchange (CBOE).
The firm files the application as Ethereum continues to hit new all-time highs, reaching $3,950 this weekend, according to CoinMarketCap. VanEck says the ETH ETF will give investors exposure to the digital asset without directly investing in it.
“The Trust provides direct exposure to ETH and the Shares of the Trust are valued on a daily basis using prices drawn from a carefully evaluated group of exchanges selected by MVIS, which utilizes the CryptoCompare data to construct the MVIS® CryptoCompare Ethereum Benchmark Rate.”
The MVIS Ethereum Benchmark Rate functions as a reference rate for funds and asset managers which aggregates the transaction prices on the top five global exchanges.
At time of filing, VanEck did not specify the trust’s custodian.
If approved, the VanEck Ethereum Trust will be the first ETH ETF in the country. To date, the SEC has not yet approved any crypto exchange-traded fund for the US market. Meanwhile, securities regulators in Canada have already green lit four Bitcoin ETFs and four Ethereum ETFs.
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