As crypto fund applications pile up at the SEC, VanEck files for an Ethereum futures ETF.

Spotlight:

  • The SEC approved VanEck’s application for an Ethereum futures-based ETF on Wednesday.
  • The investor can invest in ether commodity futures and other pooled financial assets that give access to the coin rather than solely in ether.
  • VanEck’s newest pitch to the SEC for authorization of a crypto-related item is the Ethereum Strategy ETF.

On Wednesday, VanEck filed a registration statement with the US Securities and Exchange Commission for an Ethereum futures-based exchange-traded fund.

The Ethereum Strategy ETF would participate in ether futures contracts, pooled financial products, and exchange-traded assets such as Canadian ETFs that make investments in ether, according to the application. The fund will not directly invest in ether or other digital assets.

This distinction might assist the fund gain clearance from the SEC more quickly. Gary Gensler of the Securities and Exchange Commission (SEC) has indicated that he could be receptive to an ETF based only on futures trading.

A fund that invests directly in a cryptocurrency like ether or bitcoin has yet to be approved by the regulator.

VanEck’s latest crypto-related product application to the SEC is the Ethereum Strategy ETF. The financial business has filed an application for an ETF that will invest directly in ether, but the product’s destiny is still unknown.

The SEC is now reviewing over a dozen crypto-focused ETF applications.

According to Decrypt.co, VanEck’s Ethereum futures ETF would be the first of its type in the United States.

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