Invesco Galaxy Submits Application for spot Ether ETF

Amidst the escalating frenzy surrounding digital assets, news broke on September 29th that Invesco and Galaxy Digital had purportedly applied for a spot Ether exchange-traded fund (ETF). The disclosure came from Bloomberg ETF analyst James Seyffart, who shared the information on X, although the official filing had not yet appeared on the SEC’s public database as of the time of this report.

In response to queries, a representative from Invesco remained tight-lipped, citing the confidentiality typically maintained during the registration process. Galaxy, too, offered no immediate response.

This development adds Invesco and Galaxy to the growing list of investment entities aiming for regulatory approval for a spot ETH ETF. Just days prior, on September 27th, the SEC postponed decisions on earlier applications from ARK 21Shares and VanEck, extending the review period until December 25–26. The SEC justified this extension, stating the need for ample time to thoroughly assess the proposed changes and the concerns raised.

While a spot Ether ETF might still be on the horizon, the world can anticipate the introduction of futures-based Ether ETFs as soon as next week. Investment firms have begun preparing to incorporate ETH futures vehicles into their portfolios. VanEck, for example, announced its Ethereum Strategy ETF (EFUT), slated for listing on the Chicago Board Options Exchange in the imminent days.

Another player in this space is Valkyrie, set to offer exposure to Ether futures through its revamped Bitcoin Strategy ETF, now rebranded as Valkyrie Bitcoin and Ether Strategy ETF. A spokesperson from Valkyrie highlighted that this move would provide investors access to Ether and Bitcoin futures bundled within a single investment package.

Bitwise also entered the fray by updating their prospectus for an equal-weight Bitcoin and Ether futures ETF on September 28th. This offering, too, is poised to go live in the upcoming week. Additionally, Proshares, according to Seyffart, submitted an application, while Kelly ETFs collaborated with Hashdex, aiming to roll out futures Ether ETFs shortly.

The market responded to these developments with Ether trading in the green at $1,666 as of the time of this writing. This surge was attributed to the widespread enthusiasm surrounding the imminent launch of futures ETFs, marking a significant milestone in the digital asset landscape.

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