Placeholder canvas
9.3 C
London
Thursday, February 29, 2024
HomeFinance NewsGalaxy and Invesco Enter Ethereum ETF Race, Joining Growing Competition

Galaxy and Invesco Enter Ethereum ETF Race, Joining Growing Competition

Date:

Related stories

Rockstar Games ends remote work, blames leaks ahead of Grand Theft Auto VI release.

Rockstar Games, a division of Take-Two Interactive Software Inc.,...

Confusion Stirs as Labor Department Sends Email on Consumer Prices.

The US Labor Department's statistical agency sent out a...

House to vote on deal to end government shutdown and extend deadlines.

Lawmakers are pushing to pass a short-term government spending...

Top stocks to buy on Wall Street this Tuesday in 13 words or less

Wall Street analysts have been busy making significant calls...

Google Pixel 8 named ‘Best Smartphone’ at MWC 2023

In a remarkable achievement, Google's Pixel 8 series has...
spot_img

Asset management giant Invesco has partnered with Galaxy Digital, led by Mike Novogratz, to apply for an Ethereum (ETH) spot exchange-traded fund (ETF). This comes after their joint application for a Bitcoin (BTC) product in June. The Invesco Galaxy Ethereum ETF aims to reflect the performance of the spot price of ether by holding units of the cryptocurrency with a separate custodian. Galaxy Digital will act as the “execution agent” and sell ETH to cover the Trust’s expenses. This move follows similar recent filings for Ethereum spot ETFs from Ark Invest/21Shares, VanEck, and Hashdex.

The crypto industry believes that a spot ETF is the next logical step for crypto investment in the U.S., especially with Ethereum futures products likely to launch in the near future. VanEck and Valkyrie have already received approval this week, and other companies like Bitwise, ProShares, Hashdex, and Volatility Shares are expected to launch as early as October 2. While futures ETFs have received regulatory approval, spot crypto ETFs remain elusive for U.S. investors. Invesco and Galaxy’s Bitcoin spot ETF application, along with applications from BlackRock, Bitwise, and Valkyrie, have faced delays by the Securities and Exchange Commission (SEC). Pressure is mounting on the SEC after losing a lawsuit to Grayscale, where a federal court criticized the agency’s denial of spot ETF products.

Source link

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here