Investment Managers Ramp Up Efforts for Spot Ether ETFs Amid SEC Delays

The Digital Gold Rush: Spot Ether ETFs

Asset managers are diving headfirst into the digital asset arena, with Invesco and Galaxy Digital recently filing for a spot Ether (ETH) exchange-traded fund (ETF) on September 29. This move signifies a burgeoning interest in crypto assets that is both exciting and a tad unpredictable—kind of like trying to teach your grandma how to use TikTok.

What’s the Scoop on the Filing?

Bloomberg ETF analyst James Seyffart was the bearer of this thrilling news, sharing that the filing was made public on X (formerly Twitter). Despite this disclosure, there’s still a mystery surrounding the application’s upload to the SEC’s public database. Talk about a cliffhanger!

According to Seyffart, “Invesco Galaxy just filed for a spot Ether ETF, I think this is the 3rd or 4th one of these—have to check tho,” his humorous tone making the complex world of ETFs slightly more digestible. However, Invesco declined to confirm, sticking to the classic “no comment, it’s complicated” approach.

The Waiting Game: SEC’s Delays

In conjunction with their efforts, the SEC decided to hit the brakes on approving previous spot ETH ETF applications from heavyweights like ARK 21Shares and VanEck, extending the wait until around December 25-26. In a move that could remind you of waiting for a friend who’s perpetually late, the SEC stated, “The Commission finds it appropriate to designate a longer period…” just to give themselves more breathing room. No greed here, just sheer anticipation.

Futures-Based ETFs Are Coming, Hold On!

While we may be simmering in anticipation for spot Ether ETFs, the futures-based options are heating up quicker than a July BBQ. Investment firms have begun laying down the groundwork for products that indulge in Ether futures. VanEck has made waves with its Ethereum Strategy ETF—ticking the box for all the eager investors looking for early access to ETH futures. Meanwhile, Valkyrie has rebranded its Bitcoin Strategy ETF to further expand its offerings, promising access to both Bitcoin and Ether futures under one glorious umbrella.

Getting Ready for Launch

2023 seems to be the year of the cryptocurrency ETF renaissance, with firms like Bitwise planning their own equal-weight Bitcoin and Ether futures ETF likely hitting the market soon. Seyffart keeps us in the loop with whispers of ProShares and Kelly ETFs eyeing potential Ether futures launches. With Ether trading at $1,666 and buzzing with excitement, investors are feeling the thrill of potential profits. The stakes have never been higher!

A Final Thought: The Ether Enthusiasm

As we inch closer to the reality of these products, it’s essential to remember that while the crypto space can feel like a rollercoaster, the lows don’t go on forever, and peaks may await those with patience (and a good sense of humor). So buckle up, folks: the ETF ride is just getting started!