Per a document filed with the US Securities and Exchange Commission (SEC), hedge fund Ark Invest filed for the first Ethereum spot Exchange Traded Fund (ETF) in the US. This new filing has directly impacted the ETH price as the ETF narrative gains further influence in the crypto market.
ARK Gets Ahead Of The Curve: Ethereum Spot ETF Filing To Trigger Domino Effect?
According to the document file with the SEC, the financial product will trade on the Cboe BZX Exchange and track the ETH price on the spot market as displayed by the Chicago Mercantile Exchange (CME). Ark has listed Benchmarks as their Index manager and is sponsored by 21Shares.
Furthermore, Ark selected crypto exchange Coinbase as their ETH custodian, similar to its Bitcoin spot ETF application. The company will hold the totality of Ark’s ETH on their behalf.
The SEC has emphasized the importance of the custodian for a potential Bitcoin ETF approval. Logically, the…
