Cathie Wood’s Ark Invest and 21shares seek SEC approval for a new Ether ETF
Ark Invest and 21shares seek SEC approval for a new Ether ETF, marking a major step in the crypto world's efforts for official recognition.
Cathie Wood's Ark Invest and 21shares are requesting permission from the Securities and Exchange Commission (SEC) for a special ether ETF, a document from Sept. 6 shows. This step is big since many firms in the crypto world are trying to get the first crypto fund approved by the SEC.
Named the ARK 21Shares Ethereum ETF, this fund will allow people to directly invest in ether. It will be available on the Cboe BZX Exchange, using a special rate to set its value.
Ether's price didn't change much after this news. It's price is slightly lower today at $1,632. Over the last month, it went down by 10%.
According to the document, 21Shares is the main group behind this trust, with ARK Investment helping in marketing. Coinbase, a big crypto company, saw its share price increase by 1.9% to $79 after this news.
The main goal of this ETF is to give people an easy way to invest in ether without directly buying it. But, the SEC needs to approve it first. They haven't allowed a crypto fund like this yet and even delayed decisions on similar funds before.
The SEC's approval process has been a big topic. Grayscale Investments, another company, had a Court win against the SEC over a similar fund .
Ark Invest's Brett Winton shared that the U.S. should support crypto, not fight it. He believes actions against crypto hurt U.S.'s long-term plans. He shared this thought on the social platform previously known as Twitter.
