Delaware-based Kryptoin Investment Advisors has joined the ranks of other crypto ETF hopefuls by filing an Ethereum exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).
ETF would be listed on the Chicago Board Options Exchange
The Kryptoin Ethereum ETF Trust was filed on August 12 to provide exposure to Ethereum at a price that reflects the current Ethereum market. If approved, Kryptoin’s Ethereum ETF would be listed on the Chicago Board Options Exchange (CBOE) BZX Exchange.
The filing states that the trust will hold ETH and value its shares daily according to the CF Ether-Dollar US Settlement Price. This is an independently calculated value based on aggregating executed trade flows from major ETH spot exchanges.
The statement also says that the Ethereum assets will be stored at Gemini Trust Company, which has been carefully selected as it is authorized by the New York State Department of Financial Services (NYDFS) to provide custodial services for digital assets.
The ETF will not buy or sell ETH directly. When it sells or redeems its shares, it will do so in baskets of 100,000 shares at the Trust’s net asset value (NAV).
Kryptoin filed for a Bitcoin ETF in 2019
Kryptoin filed for a Bitcoin ETF with the U.S. Securities and Exchange Commission in 2019, which is still under regulatory review, similar to the proposals from other companies.
Although several U.S. firms have been pushing for approval of crypto ETFs, especially Bitcoin ETFs, the SEC has been reluctant to approve them for years. Just recently, Valkyrie filed for an ETF focused on bitcoin futures, and on May 7, VanEck filed for its Ethereum ETF and on May 28, Wisdom Tree filed an application for a similar fund to the SEC.