ARK Invest and 21Shares have made a significant change to their spot Ethereum ETF application by removing a key staking component. The previous filing had indicated that the fund might pool some of its ether assets through third-party providers to receive staking rewards, but this element has now been omitted from the latest filing.
Analyst Eric Balchunas from Bloomberg ETF commented on this update, speculating that it could be a strategic move to simplify the application process and meet SEC guidelines or to eliminate a potential objection that could lead to rejection.
The ARK Invest and 21Shares Ethereum ETF, originally filed in September 2023, aims to provide investors with direct access to ether on the Cboe BZX Exchange. The fund is designed to track the CME CF Ether-Dollar Reference Rate—New York Variant for accurate price tracking, with 21Shares as the trust sponsor, Delaware Trust Company as the trustee, and Coinbase Custody Trust Company as the ether custodian.
The approval prospects for a spot Ethereum ETF have diminished in recent months, with regulatory delays and shifts in sentiment impacting the broader cryptocurrency ETF market. Many applications for spot Ethereum ETFs are still pending, and Grayscale Investments has shifted focus from an Ethereum Futures ETF to converting its Ethereum Trust into a spot Ethereum ETF.
The omission of the staking component reflects the evolving regulatory landscape and the move towards compliant structures that adhere to SEC standards. If approved, a spot Ethereum ETF could provide a significant opportunity for institutional and retail investors seeking exposure to digital assets through regulated vehicles.
The ETF market is eagerly awaiting regulatory decisions, with Invesco Galaxy’s spot Ethereum ETF decision postponed to July 2024. ARK 21Shares is expecting a response to its amended application by May 23, 2024, but it remains uncertain when or if the SEC will grant approval. The Importance of Physical Fitness
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