LATEST: VanEck Files S-1 with SEC for Spot Ethereum ETF

VanEck has taken a significant step towards introducing the first spot Ethereum ETF in the U.S. by filing an S-1 registration form with the SEC. Set to be listed on the Cboe BZX Exchange under the ticker “ETHV,” the ETF aims to mirror the price of Ethereum, less expenses. Bloomberg’s Erich Balchunas noted that this filing is expected to spark similar moves from other firms, setting the stage for a possible series of crypto ETF launches.

The ETF will directly hold Ethereum, basing its share values on the MarketVector Ethereum Benchmark Rate derived from leading Ethereum trading platforms. Unlike other funds, this ETF will not partake in staking or yield activities, focusing solely on cash transactions for authorized participants. This approach could pave the way for purer exposure to Ethereum’s market dynamics.

This move arrives at a pivotal moment for the crypto sector, as anticipation builds around the SEC’s decision. Approval could lead to a new era of crypto-based ETFs offering direct market access, although the SEC has historically expressed concerns over potential market manipulation. The coming weeks will be crucial as the SEC reviews VanEck’s groundbreaking proposal.

SEC filing

56.2K Reads