Asset manager WisdomTree has filed an Ethereum (ETH) exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC).
The WisdomTree Ethereum Trust will be listed on the Cboe BZX exchange, although its ticker has yet to be determined. According to the filing, the ETH ETF currently lacks a third party acting as custodian.
Introducing the new Ethereum ETF
The fund will offer WisdomTree clients exposure to the crypto asset, without having to own any.
The fund will hold ETH, which will be valued daily at the CF Ether-US Dollar settlement price.. It is a value calculated independently and based on an aggregation of the flow of operations executed on the main Ether spot exchanges.
WisdomTree had already filed a Bitcoin (BTC) ETF with the US regulator in early March. With the introduction of the ETH ETF, WisdomTree becomes the second asset manager to claim to offer the product, after VanEck.
The approval of any of them could make investments in Ethereum more available to US retail traders.
Canada Ethereum ETF
The SEC has yet to approve a single BTC ETF, much less an ETH equivalent. However, Canadian regulators have moved much more quickly to offer both products.
For example, Canada’s largest digital asset manager, 3iQ, launched its BTC ETF on the Toronto Stock Exchange in April, which is also listed in Chile. For its part, Purpose Investments launched the first BTC ETF in North America in February. According to its brochure, the consultancy “Big Four” Ernst and Young will audit the ETF.
Canada ETF Bitcoin
Canada is also in the lead in the offering of ETH ETFs. Once again, cryptocurrency ETF pioneer Purpose Investments began offering the world’s first ETH ETF in April. Ether Capital Corporation assisted the company in this endeavor as a consultant. Meanwhile, in a competitive claim for precedence, CI Global announced that it would be the first to launch an ETH ETF in February 2021. This launch took place in partnership with Galaxy Digital.
Although it has not yet been successful in the United States, last month WisdomTree launched a listed ETH product in Europe. On April 29, the WisdomTree Ethereum ETP (ETHW) was listed on the German stock exchange Börse Xetra and on the Swiss stock exchange (SIX).
The WisdomTree post is the second to feature an Ethereum ETF in the United States was first seen on BeInCrypto.