Asset manager Valkyrie files for Ethereum-focused ETF with US SEC

Asset management firm Valkyrie has submitted a proposal for an Ethereum Strategy exchange-traded fund (ETF) to the US Securities and Exchange Commission, according to documents unveiled on Wednesday.

Following a challenging 2022, the cryptocurrency market is rebounding, with major asset managers like BlackRock venturing into the potential of alternative assets. They are planning the launch of various derivative-based products, including ETFs.

While regulators approved ETFs that mirror the value of bitcoin futures contracts as of October 2021, the recent filing by Valkyrie signals a move towards an ETF designed around ether futures and other associated collateral assets. This development showcases the growing interest in cryptocurrency-based investment opportunities.

The SEC’s endorsement of bitcoin futures ETFs in 2021 was a significant milestone for the cryptocurrency domain, marking a pivotal moment of acceptance by regulators. Nonetheless, the SEC has rejected numerous applications for spot bitcoin ETFs, primarily due to concerns regarding the level of surveillance in spot markets, which could potentially expose them to fraud and manipulation.

 

 

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