VanEck applies to SEC for approval of Ethereum ETF
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Answer VanEck applies to SEC for approval of Ethereum ETF
Applications for approval of the Bitcoin ETF to the US Securities and Exchange Commission (SEC) are piling up especially as the authority is rather slow in processing these files.
It appears that the accumulated files do not only belong to Bitcoin ETFs but also to Ethereum ETFs.
Asset management firm VanEck has submitted an application for approval for an Ethereum Index ETF from the US Securities and Exchange Commission (SEC).
So far, the SEC has been inundated with bitcoin ETF deposits, but it has not yet approved any such type of crypto-related funds, unlike Canada, which this year gave the green light to several funds for the first time.
VanEck’s bitcoin ETF file is being reviewed by the US Securities and Exchange Commission, which the authority is expected to decide on by June 17 or could also extend the deadline.
Read:What are the reasons for the LINK cryptocurrency to rise more than 30 percent in a week?
An ETF is a financial product that allows people to invest in a crypto-asset, in this case Ethereum, without buying it directly.
Investors can buy and sell shares of Ethereum or a portion of it while tracking the price of ETH.
The shares in the VanEck Ethereum Trust will be calculated daily using prices from five Ethereum exchanges.
Traditional wealth investors already have ways to get exposure to crypto assets without the burden of storing them, as Grayscale already provides this investment asset.
This company controls more than 3% of the Bitcoin in circulation and has a similar share in the Ethereum market.
However, ETFs are more open to middle-class investors, who can easily incorporate them into a retirement portfolio.
The filing by VanEck to the SEC states:
The Ethereum ETF provides investors with the opportunity to access the market for Ethereum through a traditional brokerage account without the potential technical barriers to entry or the risks associated with owning or transferring Ethereum directly, mining it, or acquiring it from a trading platform.
Read:List of crypto-friendly cities
The listing of three Bitcoin ETFs and three Ethereum ETFs earlier this year on the Toronto Stock Exchange (Canada) has given new hope to investment firms south of the border.
Will the authority approve the applications deposited with it, or will it be postponed and rejected, as it does every time?
Read also:
Three Ethereum ETFs slated to launch in North America soon
SEC postpones consideration of VanEck’s Bitcoin ETF until June 2021
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