Volatility Shares, Grayscale, and other financial giants apply for Ethereum futures ETFs

on Aug 2, 2023
  • Financial companies line up to apply for Ether futures ETFs.
  • Volatility Shares proposed Ethereum Strategy ETF in their 28 July SEC filing.
  • That comes as multiple firms await spot Bitcoin ETFs verdict from regulators.

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Six renowned companies, Volatility Shares, Roundhill, Bitwise, Grayscale, Proshares, and VanEck, have filed for Ethereum futures ETFs. Bloomberg’s analyst tweeted about the applications earlier on Wednesday.

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Source – Bloomberg

Volatility Shares confirmed the Ethereum ETFs Strategy in their 28 July filing to the Securities and Exchange Commission. It revealed that its Ether futures ETFs seek to attain financial objectives by investing in cash-settled contracts that trade on the Chicago Mercantile Exchange.

Also, the fund could invest in reverse purchase agreements and other firms’ shares and not directly in Ethereum.

Financial companies have explored cryptocurrency exchange-traded funds lately. The filings for spot BTC ETFs by giants such as BlackRock welcomed massive optimism in the crypto space in June 2023. Bitcoin gained an upside stance following the Bitcoin ETFs application, as reported here.

Ethereum price outlook

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While cryptocurrency prices continue sideways actions, Ethereum gained approximately 1.97% over the past day to trade at $1,863.21. The second-largest crypto by value ended the week 0.21% down, following some bearishness.

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The altcoin space has mimicked Bitcoin’s movements. Ether plummeted under $1,900 following BTC’s dip to the $29K region. Ether has slightly surged after a few days of exploring levels beneath the crucial $1,850.

Ethereum in the regulator’s eyes?

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The SEC has recently amplified altcoin’s scrutiny, forcing trading companies like Robinhood to delist top tokens (read more). Meanwhile, HODL law’s legal team has been seeking the regulator’s view on Ethereum. Nonetheless, an August 1 tweet shows Court granted SEC’s motion to dismiss the suit.

The lawmaker’s continued silence on whether Ethereum is a security has raised eyebrows within the crypto and legal spaces. HODL Law believes SEC’s failure to reveal its stance means the regulator views Ether as a security.


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