VanEck and ProShares have submitted applications for Ethereum Futures ETFs.



These filings are similar to bitcoin strategy ETFs filed by these and other firms in recent weeks.

  • ProShares and VanEck both filed for bitcoin futures-based ETFs earlier this month, and VanEck also submitted in May for an ETF that would hold Ethereum.
  • SEC Chairman Gary Gensler's recent comments suggest that bitcoin futures ETFs may be approved before funds investing in ether future
The wave of crypto futures ETF filings has continued, with VanEck and ProShares the most recent to announce intentions for Ethereum-focused products.

According to SEC filings posted Wednesday, VanEck plans to establish the Ethereum Strategy ETF, while ProShares plans to launch the Ether Strategy ETF.

According to the document, both funds would invest in Ether futures contracts, as well as pooled investment vehicles and exchange-traded instruments that provide ETH exposure. The ETFs would not invest directly in Ether.

Beyond the filing, both ProShares and VanEck declined to comment.

The files follow the filings of VanEck, ProShares, and others for exchange-traded funds (ETFs) that would invest in bitcoin futures contracts. The futures markets have grown tremendously in the last few years, according to Gabor Gurbacs, director of VanEck's digital assets strategy, who previously informed Blockworks via email.

According to Nate Geraci, president of The ETF Store, several of the potential bitcoin futures-based ETF issuers will likely attempt to provide an ether futures ETF.

“Why confine an issuer to a single crypto asset at this early stage if they have decided to develop a crypto presence?” he asked Blockworks. “There will almost certainly be high demand for ether ETFs, so if an issuer believes they can compete in the area, it makes solid commercial sense.”

However, not every ETF issuer that offers a gold ETF also offers a silver ETF, and the same will likely be true with bitcoin and ether funds, according to Geraci.

SEC Chairman Gary Gensler hinted earlier this month that ETFs limited to bitcoin futures traded on the Chicago Mercantile Exchange would be more appealing.

“Given the SEC's most recent communications... a bitcoin futures ETF appears highly likely to be approved before an ether futures product,” Geraci added. “It's not out of the realm of possibility that a bitcoin futures ETF will be approved by the end of the year.”

In May, VanEck became the first fund manager to apply for an Ethereum Trust, which would hold the cryptocurrency physically. Later that month, WisdomTree Investments filed a comparable product, and most recently, Kryptoin filed a similar product last week.

Last month, ProFunds, the parent company of ProShares, introduced the Bitcoin Strategy ProFund. The fund invests primarily in bitcoin futures contracts and was the first publicly available US bitcoin strategy mutual fund. In June, the fund group proposed the ProShares S&P Kensho Global Crypto & Blockchain ETF to the Securities and Exchange Commission.

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