VanEck Announces First-Ever Ethereum ETF Launch in the U.S
After years of anticipation, VanEck, an $80 billion asset manager, has confirmed the imminent launch of the VanEck Ethereum Strategy ETF (EFUT), marking the first Ethereum (ETH) exchange-traded fund in the United States.
The reputable $80 billion asset manager VanEck has confirmed its imminent launch of the VanEck Ethereum Strategy ETF (EFUT), an actively managed fund aimed at investing in futures contracts for Ethereum, the world’s second-largest cryptocurrency. This ETF will focus on standardized, cash-settled ETH futures contracts traded on Commodity Futures Trading Commission (CFTC)-registered commodity exchanges. While the exact listing date on the Chicago Board Options Exchange (CBOE) is yet to be specified, analysts predict it may occur around October 2 or 3.
VanEck has been persistently working to register crypto ETF products in the U.S., previously facing regulatory hurdles from the Securities and Exchange Commission (SEC). The agency had shown a willingness to approve Bitcoin futures ETFs, such as VanEck Bitcoin Strategy ETF, which launched in November 2021, although it has garnered significantly less capital compared to competitors like ProShares. With the Ethereum ETF, VanEck could gain a first-mover advantage, as it leads a group of fourteen recent proposals seeking SEC approval to launch similar products. Notably, true crypto spot ETFs, backed directly by crypto assets rather than futures contracts, are still not available to American investors, with the SEC delaying decisions on both Bitcoin and Ethereum spot ETFs recently.
Clever Robot News Desk 30th September 2023
