Asset management firm Valkyrie has filed for an Ether (ETH) futures exchange-traded fund (ETF) with the United States Securities and Exchange Commission. According to documents on Aug. 16, the application is an addition to the company’s previous move to change its investment strategy for a Bitcoin futures ETF in line with the regulator.
As per the application, the fund will not directly invest in Ether, but will seek to purchase a number of Ether futures contracts. Ether is the native token of the Ethereum blockchain, used for peer-to-peer transactions within the decentralized network.
“Ether may be regarded as a currency or digital commodity depending on its specific use in particular transactions. Ether may be used as a medium of exchange or unit of account,” reads the document, adding that “although a number of large and small retailers accept ether as a form of payment in the United States and foreign markets, there is relatively limited use of ether for commercial and retail payments. Similarly, ether may be used as a store of value […], although it has experienced significant periods of price volatility.”
Valkyrie just filed for an Ether Futures ETF, which is in addition to their 497 filing to do name/strategy of $BTF to Bitcoin + Ether Futures to get out early. Perhaps this is sign SEC not letting them do the ‘ole $MJ maneuver, not sure.. ht @NateGeraci pic.twitter.com/OeyGuyJP3y
— Eric Balchunas (@EricBalchunas) August 16, 2023
This is a developing story, and further information will be added as it becomes available.