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VanEck Files for an Ethereum Exchange-Traded Fund

The SEC is currently evaluating VanEck's bitcoin ETF proposal.

Updated Mar 8, 2024, 4:25 p.m. Published May 7, 2021, 7:07 p.m.
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Exchange-traded fund (ETF) startup VanEck has filed for an ether-based ETF, public records show.

The company, which currently has a proposed bitcoin ETF under review by the Securities and Exchange Commission (SEC) proposed an ether ETF on Friday that would allow retail and institutional traders to gain exposure to the world's second-largest cryptocurrency by market cap without requiring them to directly invest in it.

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VanEck intends to work with Cboe BZX Exchange on the offering. The same exchange is providing support for VanEck's proposed bitcoin ETF. The SEC has postponed any decision on VanEck's bitcoin ETF proposal to next month. In the past, the SEC has taken as much time as it legally can, about 240 days, to evaluate ETF proposals.

The federal securities regulator has yet to approve an ETF in the U.S.

If VanEck's proposal is approved, this would be the U.S.'s first ether ETF, but not the first in North America. Canadian regulators have already approved several ether ETFs. WisdomTree, another company hoping to launch a bitcoin ETF in the U.S., has also listed an ether exchange-traded product in Germany and Switzerland.

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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch

Solana CME futures first-day activity compared to BTC and ETH debuts. (CME/K33 Research)

When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.

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  • Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
  • Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
  • Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.