Ark Investment Management and 21Shares have filed to offer a spot Ethereum exchange-traded fund (ETF), Bloomberg reported on Sept. 6.
The two companies submitted their application to the Securities and Exchange Commission (SEC) on the day of that report.
If the fund is approved, it will trade under the ticker ARKE. The fund would provide traditional investors with a way to invest in a fund that is physically backed by Ethereum (ETH) without the need to purchase or hold cryptocurrency itself directly. Furthermore, Ark’s spot Ethereum ETF would be the first of its type if it is successful.
Cathie Wood, CEO and CIO of Ark Invest, commented on the ambitious nature of the plan in light of the fact that no equivalent Bitcoin fund exists. She told Bloomberg:
“There’s been so much regulatory controversy about a Bitcoin spot ETF that I guess many people thought it was a step too far — but we don’t … And it’s always nice to be first.”
Meanwhile, Ophelia Snyder, co-founder and pre
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