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Ark Invest And 21Shares Battle For First Spot Ethereum ETF

Will Izuchukwu by Will Izuchukwu
September 7, 2023
in News
Reading Time: 3 mins read
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Two of the biggest names in the crypto investment space, Ark Invest and 21Shares, are vying to be the first to launch a spot Ethereum ETF in the United States. A spot ETF is an investment fund that tracks the price of a specific asset, in this case Ethereum. Spot ETFs are seen as a more pure way to invest in cryptocurrencies, as they do not involve the use of derivatives.

 

Source: Santiment

Ark Invest and 21Shares Application

Ark Invest and 21Shares have both filed applications with the Securities and Exchange Commission (SEC) for their respective spot Ethereum ETFs. Ark Invest’s ETF, the ARK 21Shares Ethereum ETF, would be listed on the Cboe BZX Exchange. 21Shares’ ETF, the 21Shares Ethereum ETF, would be listed on the NYSE Arca Exchange.

The SEC has been hesitant to approve spot Bitcoin ETFs, and it is unclear whether it will approve a spot Ethereum ETF. However, the recent surge in interest in Ethereum, as well as the growing number of spot Bitcoin ETFs applications, could increase the chances of an approval.

The bidding war between Ark Invest and 21Shares is likely to heat up in the coming months. Both companies have strong track records in the crypto space, and they are both well-funded. The first company to launch a spot Ethereum ETF could gain a significant advantage in the market.

Potential Rewards For Launching Spot Ethereum ETF

Despite the challenges, the potential rewards of launching a spot Ethereum ETF are significant. The Ethereum market is growing rapidly, and there is a growing demand for investment products that track the price of Ethereum. If a spot Ethereum ETF is approved, it could open up the market to a wider range of investors and could help to drive further growth in the Ethereum ecosystem.

Trader speculation and optimism have been enough to make $ETH the top trending asset in crypto for the first time since last year’s halving.

The bidding war between Ark Invest and 21Shares is a sign of the growing excitement surrounding Ethereum. If a spot Ethereum ETF is approved, it could further fuel the growth of the Ethereum market.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.

Follow us on Twitter @thevrsoldier to stay updated with the latest Crypto, NFT, and Metaverse news!

Image Source: nexusplexus/123RF // Image Effects by Colorcinch

Tags: 21sharesark investETFETHEthereumEthereum ETF
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