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Invesco is the latest fund group to pursue an ETF that would hold ether directly.\u00a0<\/p>\n
The fund giant, which manages nearly $1.6 trillion in assets, shared plans for its Invesco Galaxy Ethereum ETF in a Friday filing.\u00a0<\/p>\n
Galaxy Digital Funds is set to to serve as execution agent for the proposed ETF and facilitate the sale of ether by the trust, the disclosure<\/a> notes.<\/p>\n Unlike various ether futures ETFs expected to launch<\/a> in the coming days, the Invesco Galaxy Ethereum ETF would hold ether directly \u2014 mirroring other proposals made this month.\u00a0<\/p>\n Ark Invest and 21Shares revealed plans<\/a> for a spot ether ETF on Sept. 6. VanEck, which first filed for a spot ether ETF in 2021, also has an active filing in front of the US Securities and Exchange Commission, while Hashdex seeks a fund that would blend ether futures and spot ether exposures.\u00a0<\/p>\n Read more: <\/strong>Ark anticipates win in US crypto ETF battle with \u2018deepest\u2019 suite, COO says<\/a><\/p>\n People familiar with the filing by Ark Invest and 21Shares said recent developments suggested it was an opportune moment to start expanding conversations around ether products. That disclosure came about a week after Grayscale Investments won a court case against the SEC<\/a> in what many segment watchers called a victory for the broader crypto space.\u00a0<\/p>\n Invesco is not new to the digital assets realm.<\/p>\n Perhaps best known for its QQQ ETF that invests in Nasdaq 100 companies, Invesco partnered with Galaxy Digital<\/a> in September 2021 to create physically backed crypto ETFs.\u00a0<\/p>\n \u201cWe believe the combination of an institutional, crypto native asset management business alongside a global ETF pioneer will drive the entire crypto space forward,\u201d Steve Kurz, Galaxy\u2019s head of asset management, said at the time.\u00a0<\/p>\n Invesco was among the fund groups that filed for a spot bitcoin ETF<\/a> in June just days after asset management giant BlackRock jumped into the race<\/a>.\u00a0<\/p>\n Though spot crypto ETFs trade in a number of other countries<\/a>, the SEC has never allowed such funds to launch in the US. The securities regulator on Tuesday extended its deadline to rule on the Ark 21Shares Bitcoin ETF<\/a> to Jan. 10.\u00a0<\/p>\n Spokespeople for Invesco and Galaxy declined to comment.\u00a0<\/p>\n Don\u2019t miss the next big story \u2013 join our\u00a0free daily newsletter<\/a>.<\/strong><\/p>\n
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