WisdomTree has become the second company to file for an Ether exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC).
WisdomTree wants to launch an ETH ETF
The United States is yet to approve a single cryptocurrency ETF proposal, but it continues to receive applications as companies are hopeful the regulatory agency will approve them. The latest to submit a crypto ETF is WisdomTree.
WisdomTree filed for the Ether ETF a few hours ago after completing a new S-1 form with the regulatory agency. The WisdomTree Ethereum Trust intends to list on the CBOE BZX Exchange, the same platform it wants to list its proposed Bitcoin ETF shares. The SEC said the proposal will be updated as it goes forward since WisdomTree is yet to decide on a ticker or a custodian. WisdomTree has proposed using Delaware Trust Company as the trustee for the ETF.
The filing said, “As the Shares are listed on the Exchange, investors can indirectly invest in a portfolio comprised of Ether through a traditional brokerage account. The Trust provides investors with the opportunity to access the market for Ether through a traditional brokerage account without the potential barriers to entry or risks involved with holding or transferring Ether directly, acquiring it from an ether exchange, or mining it.”
Two ETH ETF proposals submitted to the SEC
WisdomTree is the second company to file for an Ether ETF with the SEC. Earlier this month, VanEck submitted an ETF application to the SEC that seeks to track the performance of Ether if approved.
The Ether ETFs would allow retail and institutional investors to gain exposure to the second-largest cryptocurrency without directly owning the crypto. WisdomTree and VanEck both plan to list the ETH ETF on the CBOE exchange.
The United States is yet to approve a single crypto ETF application. The regulatory body currently has nine Bitcoin ETF proposals after Galaxy Digital submitted its application last month. The US is behind Canada in this regard. The North American country has already approved a few Bitcoin ETFs and launched three Ether ETFs last month.
Some experts and analysts are optimistic that the US will approve at least one Bitcoin ETF this year. The consensus is that the crypto market has grown massively over the past few years, and the SEC would consider it mature enough to have an ETF.