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VanEck applies for Ethereum (ETH) ETF with SEC

Thu 19 Aug 2021 ▪ 13h07 ▪ 3 min read — by Katie Donaldson

VanEck has applied for an Ethereum-based exchange-traded fund (ETF), following its 10th August application for a Bitcoin (BTC) futures ETF.

Investors eager for approval

VanEck, a global asset management company founded in 1955, has been trying to create a crypto-based ETF for quite a while now. However, none of the previous applications went through due to the policy pursued by US Securities and Exchange Commission.

The Ethereum Strategy ETF would invest in ETH futures contracts, Canada’s approved ETH ETFs, private funds and exchange-traded products with exposure to the cryptocurrency. What the company won’t do is buy the digital asset itself, according to the filing.

According to Beincrypto, once the first American ETF is approved, the investment market will explode. Many potential traders are just waiting for a less complicated and more secure way of entering the crypto market. European ETF experience has been quite successful; therefore, an American one is not out of the realm of possibility. 

SEC’s unclear stance

It’s not clear yet when the long-awaited fund will arrive. SEC Chairman Gary Gensler used to be seen as the crypto community’s friend, but he’s not hurrying to fulfill his promises. Instead he has been calling for more regulatory support over the crypto market. 

Earlier this month, Washington, DC’s self-appointed crypto cop said on Twitter that the Commission could look more favourably upon Bitcoin ETFs that only trade futures contracts. He did not comment more broadly on crypto ETFs. ETH and BTC are the only two crypto assets approved for futures trading in America.

Investment management firm VanEck has submitted another ETF application with the US Securities and Exchange Commission, this time for an Ethereum futures fund.

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Katie Donaldson avatar
Katie Donaldson

I went full time crypto back in June 2018, and have never looked back. I want to help persuade as many people as possible to come and build the decentralised future! Let’s go!

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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