{"id":165614,"date":"2023-09-30T08:50:07","date_gmt":"2023-09-30T03:20:07","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=165614"},"modified":"2023-09-30T08:50:07","modified_gmt":"2023-09-30T03:20:07","slug":"galaxy-and-invesco-join-growing-ethereum-etf-race-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/galaxy-and-invesco-join-growing-ethereum-etf-race-crypto-news\/","title":{"rendered":"Galaxy and Invesco Join Growing Ethereum ETF Race – Crypto News"},"content":{"rendered":"
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Asset management giant Invesco has teamed up with Mike Novogratz\u2019s Galaxy Digital to apply for an Ethereum<\/a> (ETH) spot exchange-traded fund (ETF), following their joint application for an equivalent Bitcoin<\/a> (BTC) product in June.<\/p>\n

Per the firm\u2019s S-1 registration statement<\/a>, the Invesco Galaxy Ethereum ETF will \u201creflect the performance of the spot price of ether\u201d by holding units of the cryptocurrency with a separate custodian, who is yet to be identified. While Invesco is the sponsor, Galaxy Digital is its \u201cexecution agent,\u201d which will sell ETH to pay the Trust\u2019s expenses.<\/p>\n

This marks the fourth Ethereum spot ETF application to land in the SEC\u2019s mailbox in recent weeks, following similar filings from Ark Invest\/21Shares<\/a>, VanEck, and Hashdex earlier this month.<\/p>\n

The industry has maintained that a spot ETF is the next logical milestone for crypto investment in the U.S. now that an Ethereum futures product looks all but guaranteed to launch next week.<\/p>\n

VanEck<\/a> and Valkyrie have already been approved this week, but Bloomberg ETF analyst James Seyffart noted they could be joined by Bitwise, ProShares, Hashdex, and Volatility Shares in launching<\/a> as early as Monday, October 2.<\/p>\n

Initially Valkyrie announced its Ethereum ETF would start trading on Friday. But the firm ran into trouble with the SEC for purchasing Ether futures contracts before it released the news. It has since agreed to unwind its current position in ETH futures and will repurchase contracts only after the fund goes live next week.<\/p>\n

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The plot thickens, Valkyrie just put out 497 that they are in fact not going to buy Ether futures until they are live (prob Tue) and are going to sell the Eth futures they bought (in an effort to jump line a bit). SEC must have threatened them to cut it out. Damn. https:\/\/t.co\/yDkggCw3d1<\/a> pic.twitter.com\/cKaV7k7AJs<\/a><\/p>\n

\u2014 Eric Balchunas (@EricBalchunas) September 29, 2023<\/a><\/p>\n<\/blockquote>\n<\/div>\n

While futures ETFs have gotten a pass from regulators, spot crypto ETFs remain out of reach for U.S. investors. Since their June application, Invesco and Galaxy\u2019s Bitcoin spot ETF application has been delayed twice<\/a> by the Securities and Exchange Commission (SEC), alongside rivals like BlackRock, Bitwise and Valkyrie.<\/p>\n

Pressure is now mounting on the SEC after losing a lawsuit to Grayscale, in which a federal court deemed the agency\u2019s repeated denial of the company\u2019s spot ETF product \u201carbitrary and capricious\u201d given the agency\u2019s openness to futures ETFs.<\/p>\n

Bitwise filed an amendment<\/a> to its Bitcoin ETF application on Monday to account for future SEC rejections against similar products despite its court loss.<\/p>\n

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<\/p>\n

Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Asset management giant Invesco has teamed up with Mike Novogratz\u2019s Galaxy Digital to apply for an Ethereum (ETH) spot exchange-traded fund (ETF), following their joint application for an equivalent Bitcoin (BTC) product in June. Per the firm\u2019s S-1 registration statement, the Invesco Galaxy Ethereum ETF will \u201creflect the performance of the spot price of ether\u201d […]<\/p>\n","protected":false},"author":2,"featured_media":165615,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-165614","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/165614","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=165614"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/165614\/revisions"}],"predecessor-version":[{"id":165617,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/165614\/revisions\/165617"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/165615"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=165614"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=165614"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=165614"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}