Following SEC delays, ARK Invest and 21Shares file for Ether spot ETF

Both companies currently have a Bitcoin cash exchange-traded fund under review by the SEC and recently offered listings of two Ether futures ETFs. News Join us on social networks

As the U.S. Securities and Exchange Commission (SEC) delays its decision on ARK Investment Management's bitcoin cash exchange-traded fund (ETF), the company has proposed an investment vehicle exposed to the 'Ether.

In a filing on September 6, ARK Invest and 21Shares requested the SEC to approve the listing of shares of a spot Ether (ETH) ETF on the Cboe BZX exchange. The investment vehicle, called ARK 21Shares Ethereum ETF, will have crypto exchange Coinbase act as custodian and measure Ether's performance based on the Chicago Mercantile Exchange CF's Ether-Dollar benchmark rate.

BOOM: ARK just applied for Spot Ether ETF, first...probably more to come soon pic.twitter.com/PjK5aSNPlS

The proposal from ARK Invest and 21Shares is one of several spot crypto ETFs to be reviewed by the SEC. After asset manager Grayscale won an appeal demanding that the SEC reconsider allowing the conversion of its Bitcoin Trust into a Bitcoin (BTC) ETF, many companies seem hopeful of gaining regulatory approval.

On August 31, two days after the Grayscale ETF decision, the SEC announced that it would delay its decision to approve or deny ad hoc Bitcoin ETF applications from seven companies, including BlackRock, the biggest in the world. ARK Invest and 21Shares' Bitcoin spot ETF was not included in the delay, as its next approval, rejection or delay deadline is not until November 11.