Invesco Galaxy Applies to Space Ether ETF
Asset managers continue to chase digital asset products, with Invesco and Galaxy Digital filing for the Space Ether (ETH) exchange-traded fund (ETF) on September 29.
Bloomberg ETF analyst James Seifert described the filing by X (formerly Twitter), though it had not been uploaded to the SEC's public database as of writing.
Invesco Galaxy just registered for the Space Ether ETF, I think this is the 3rd of 4, you should check this out. pic.twitter.com/SIJVu8VzFk
— Eric Balchunas (@EricBalchunas) September 29, 2023
An Invesco spokeswoman declined to confirm the application, saying it could not comment on products still being registered. Cointelegraph reached out to Galaxy but did not immediately receive a response.
With the September 29 filing, Invesco and Galaxy will join a growing line of investment managers seeking regulatory approval for ETH ETFs. On September 27, the SEC delayed decisions on previous applications from ARK 21Shares and VanEck, extending the deadline to December 25-26. “The Commission finds it appropriate to set an extended period for action on the proposed rule change to allow sufficient time to consider the proposed rule change and the issues raised therein,” the SEC said.
Although spot Ether ETFs may not be available for a while, futures-based Ether ETFs should be available as soon as next week. On September 28, investment companies began preparing to add ETH futures vehicles to their portfolios. For example, VanEck has published a statement about its upcoming Ethereum Strategy ETF – ticked EFUT – which will be listed on the Chicago Board Options Exchange in the coming days.
Another company launching a futures crypto ETF is Valkyrie. The asset manager will now begin exposure to Ether futures through the Bitcoin Strategy ETF, which has now been rebranded as the Valkyrie Bitcoin and Ether Strategy ETF. A Valkyrie spokesperson told Cointelegraph that the firm's Bitcoin Strategy ETF allows investors to gain access to Ether and Bitcoin (BTC) futures “under one package.”
Similarly, Bitwise filed an updated prospectus for their equal-weight Bitcoin and Ether Futures ETF on September 28, which is expected to run next week as well. According to Seifert, ProShares has also applied and Kelly ETFs have partnered with Hashdex to offer Ether futures ETFs in the coming days.
Ether is trading at $1,666 in the green at the time of writing, buoyed by early euphoria in futures ETFs.
Magazine: Are DAOs Overhyped and Dysfunctional? Lessons from the front lines
