Kelly Strategic Management, a Denver-based investment firm headed by Kevin Kelly, has applied to launch an ETF for Ethereum (ETH) futures.
According to the application, the Kelly Ethereum Ether Strategy ETF fund will invest in ETH futures on regulated platforms in the United States. The application complies with the Securities Act of 1933 and the Investment Company Act of 1940. At the moment, only Ether futures traded on the Chicago Mercantile Exchange (CME) meet all the requirements.
The new Ethereum ETF is similar to the already approved BTC futures funds.
“Kelly Intelligence’s interest in ether is predicated on the fact that we are at the start of the fourth industrial revolution – what we call the intelligence revolution – where the Ethereum network will be an integral part of our lives going forward,” the firm’s founder and CEO Kevin Kelly said.
This is the only application for ETH futures currently under consideration by the US Securities and Exchange Commission (SEC). The regulator has 75 days to consider it. However, the SEC may well postpone or even reject the application.
Eric Balchunas, senior ETF analyst at Bloomberg, noted on Twitter that Kelly has only a 20% chance of getting approval, as he doubts that the SEC is ready for this new step. Balchunas believes SEC Chairman Gary Gensler to be “not mentally ready” to approve anything other than a Bitcoin (BTC) futures ETF.
“During the Bitcoin futures filing process in August, VanEck and ProShares filed for Ether ETFs too. SEC told them to withdraw them. It’s now 3 months (and 3 successful Bitcoin ETF futures ETF launches) later,” Balchunas stated.
James Seyffart, the Bloomberg Intelligence analyst, has said that the SEC may approve the launch of an ETF for Ethereum (ETH) futures earlier than an ETF with direct investments in Bitcoin (BTC, which will make the Kelly ETFs fund the pioneer in the field.
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