ARK Invest, a prominent investment management firm, has applied for approval from the U.S. Securities and Exchange Commission (SEC) to launch a Spot-Ether exchange-traded fund (ETF) in the United States. This move indicates ARK Invest’s interest in providing investors with exposure to Ether, the native cryptocurrency of the Ethereum blockchain network. The proposed ETF aims to offer a simple and convenient investment option for individuals looking to gain exposure to the fast-growing world of cryptocurrencies. If approved, the ARK Invest US Spot-Ether ETF could provide investors with the opportunity to invest in one of the most prominent cryptocurrencies in a manner similar to traditional stock investments.
ARK Invest’s Application for US Spot Ether ETF Pending Approval from SEC
ARK Invest, led by Cathie Woods, has recently filed an application with the US Securities and Exchange Commission (SEC) to implement the US Spot Ether ETF. While the SEC has been rejecting applications for the Spot BTC ETF, the verdict favoring Grayscale Investment gives hopes for a different outcome this time.
In line with this, Woods’ investment firm, 21Shares, has also submitted a filing to seek approval from the Commission. This move signifies their first attempt to obtain a license for a fund that directly invests in ether.
Ether, the second-largest cryptocurrency by market capitalization, has experienced a slight upward surge following this development. At present, the token is valued at $1,633.08, reflecting a 0.06% increase over the past 24 hours. Interestingly, this also signifies a 4.55% increase over a span of 6 months and an impressive 636.65% surge over the last 5 years.
While it is uncertain whether ARK Invest’s filing is solely responsible for the rise in ether’s price, it is reasonable to assume that it has contributed to its bullish trend. This demonstrates the potential for growth and profitability for both current holders and those considering investing in the token. It is worthy to note that Cboe Global Markets previously filed an application with the SEC for the listing and trading of shares of the Spot Bitcoin ETF on its platform, but the decision has not yet been finalized.
As of now, the decision from the SEC remains pending, with the possibility of rejection at any time. The Commission raises concerns about potential fraud and manipulation within the crypto ecosystem, exposing traders’ funds to theft. Additionally, there is a lack of surveillance on the trading activities associated with these financial products, making them susceptible to vulnerabilities.
In a significant victory for the crypto community, the US District of Columbia Court of Appeals ruled against the SEC. The court stated that the SEC was mistaken in rejecting the application for an ETF that tracks the price of Bitcoin. This outcome is considered a setback for the Commission. Although the SEC is still taking its time to respond to the verdict, the crypto community is already celebrating this win.
Despite this positive ruling, the price of Bitcoin currently fluctuates near $25,727.50, indicating an 11.82% decrease in the last 30 days. Thus, it is reasonable to assume that the recent update has affected the price of ether as well. However, it may take some time for the market to stabilize.
ARK Invest Seeks Approval for US Spot Ether ETF from SEC
ARK Invest, an investment firm led by Cathie Woods, has made a significant move by filing an application with the US Securities and Exchange Commission (SEC) for the implementation of the US Spot Ether ETF. While the SEC has been rejecting applications for similar ETFs, the recent favorable verdict in favor of Grayscale Investment raises hopes for a different outcome this time.
In addition to ARK Invest, Woods’ investment firm, 21Shares, has also submitted a filing to the SEC seeking approval for a fund that directly invests in ether. This marks their initial attempt to obtain a license for such a fund.
Rising Price of Ether Coinciding with ARK Invest’s ETF Filing
The filing by ARK Invest has coincided with a slight surge in the price of ether, the second-largest cryptocurrency by market capitalization. Ether is currently trading at $1,633.08, representing a 0.06% increase in the last 24 hours. Moreover, it has recorded a remarkable growth of 4.55% over the past 6 months and an impressive 636.65% increase over the last 5 years.
While it cannot be conclusively attributed to ARK Invest’s filing, it is plausible to assume that the filing has contributed to the positive market sentiment towards ether. This signals potential opportunities for both current and prospective investors in the token. Notably, a previous application for a Spot Bitcoin ETF by Cboe Global Markets is still awaiting a final decision from the SEC.
The fate of ARK Invest’s application with the SEC remains uncertain, as the Commission’s concerns regarding potential fraud and manipulation in the crypto ecosystem could result in rejection. The lack of surveillance on the trading activities of these financial products adds an additional layer of vulnerability.
Nevertheless, the recent ruling by the US District of Columbia Court of Appeals against the SEC’s rejection of a Bitcoin ETF application is a significant win for the crypto community. While the SEC’s response is still pending, this decision has uplifted the community’s spirits.
Despite the positive developments, the price of Bitcoin continues to fluctuate near $25,727.50, experiencing an 11.82% decrease in the last 30 days. It is plausible that this volatility has also influenced the price of ether, which may take some time to stabilize.