Ethereum
Here are all the Ethereum ETFs currently trading in the United States
Following the unexpected approval of stain Ethereum After launching exchange-traded funds (ETFs) in May and completing some final regulatory formalities, the long-awaited products began trading today.
An ETF is a popular investment vehicle that allows investors to buy shares that track the price of an underlying asset. This can be anything from gold and foreign currencies to cryptocurrencies and technology stocks. These funds are traded on an exchange.
The United States Securities and Exchange Commission (SEC) shocked traditional and crypto markets when it finally said yes in 11th place Bitcoin Exchange Traded Funds in January. The approval, which came after a decade of denials, led to an influx of capital into the Bitcoin space.
Industry experts expected the SEC to be slower to approve Ethereum equivalents due to the regulator’s reluctance, but it quietly and quickly approved the funds. Now, two months after the initial approvals, the spot ETFs began trading on Tuesday, July 23.
Here are the products currently traded on US exchanges.
Black rock
BlackRock iShares Ethereum Fund (ETHA) is now listed on the Nasdaq after the first deposit an S-1 form for the product in November.
https://www.youtube.com/watch?v=se1bcqMYg8g
The company’s CEO, Larry Fink, is apparently enthusiastic about ETH and its network, and has said He said there was “value in having an Ethereum ETF.” He also said the “tokenization” of real-world assets was inevitable.
Shades of grey
Crypto asset manager Grayscale gets green light from SEC after deposit a proposal in October to convert its Grayscale Ethereum Trust into a spot Ethereum ETF.
Previously operating as a closed-end fund, Grayscale Ethereum Trust (ETHE) now trades as an ETF on the NYSE Arca. Trust in Bitcoin converted to an ETF in January, so there was already a precedent for how such a crypto vehicle can transition to a spot ETF.
But that’s not the only Ethereum product the asset manager will launch: a mini Ethereum ETF I also got the green light last week and is now trading under the symbol “ETH”.
The mini trust is powered by assets that currently back the larger, main ETF and offers lower fees for investors than its original offering of 0.15%. The Grayscale Ethereum (ETH) Mini Trust will also waive its fees for six months or until it reaches $2 billion in assets under management (AUM).
Greg Cipolaro, global head of research at NYDIG, argued in a research note shared with Decrypt Grayscale’s mini Ethereum ETF represents a “strategic decision” on the asset manager’s part. “Unlike the launch of Bitcoin ETFs, where there was a lack of a low-cost ‘accumulation’ fund, Grayscale is now able to compete for inflows,” he said, adding that ETF providers will likely compete on the basis of marketing and distribution rather than fees.
Grayscale is one of the main reasons why Bitcoin ETFs are currently trading in the United States. In a historic moment for the crypto industry last year, a judge sided with the company in a lawsuit, agreeing with the company that Wall Street’s top regulator lacked a coherent explanation for denying its proposed conversion to a Bitcoin ETF after years of denials.
This decision paved the way for the SEC to give the green light to the detection of Bitcoin ETFs.
21 Shares
ARK Invest, Cathie Wood’s heavyweight technology investment management firm, deposit a proposal to the SEC for an Ethereum ETF in September.
The proposed ETF was launched in partnership with crypto ETF issuer 21Shares, appointing Coinbase, America’s largest digital asset exchange, as the custodian, meaning the established company would hold and store ETH in the product.
But in June, ARK Invest ended its partnership with 21Shares on site Ethereum ETF, leaving the crypto ETF issuer to go it alone. renamed The 21Shares Core Ethereum ETF (CETH) launched today and charges a 0.21% fee, which it will waive for six months or until its AUM reaches $500 million.
loyalty
Financial services giant Fidelity has made it clear that it wants to launch an Ethereum ETF in November when Cboe, the exchange where the product would trade,deposit a 19b-4 in the name of the company.
In March, the giant firm filed its S-1 form with the SEC for its Fidelity Ethereum Fund (FETH), which has now been trading since Tuesday. FETH charges a 0.25% fee, which it will waive until the end of 2024.
Van Eck
Asset manager VanEck was the first fund manager to deposit a proposal for an Ethereum ETF with the SEC in 2021. The company took of his proposal later that year, but it was then resubmitted.
The company’s Bitcoin ETF has been a successful product, and VanEck has even renounced The fund has lowered its fees to better compete with other funds on the market. Its Ethereum ETF (ETHV) is now traded on the Cboe. It is taking a similar approach with ETHV, which charges a base fee of 0.20% that is waived for the first year of operation, or until the fund reaches $1.5 billion in assets under management.
Franklin Templeton
Wall Street giant Franklin Templeton entered the race in February when he deposit a proposal to the SEC. The company’s Franklin Bitcoin ETF launched earlier this year and trades under the ticker EZBC.
The Franklin Ethereum ETF (EZET) charges a 0.19% fee, which will be waived until the end of January 2025 or until the fund reaches $10 billion in assets under management.
Invesco/Galaxy Digital
Asset management giant Invesco submitted a proposal with Mike Novogratz’s Galaxy Digital for an ETH ETF in September. Form S-1 It was mentioned that Invesco would be the sponsor of the product, while Galaxy Digital would work as its “execution agent” – selling ETH to pay for the expenses of the Invesco Galaxy Ethereum ETF.
The Invesco Galaxy Ethereum ETF (QETH) now charges a base fee of 0.25%, with no discounts offered.
Bitwise
Digital Asset Investment Company Bitwise deposit It is Form S-1 with the SEC to propose a spot Ethereum ETF in March.
Matt Hougan, Chief Investment Officer at Bitwise, previously said He expected the ETH ETFs to launch in December and predicted they would be more successful if approved later in the year anyway. But they ended up arriving much earlier than that.
The Bitwise Ethereum ETF (BITW) is now trading and charges a base fee of 0.20%, waived for the first six months of operation or until the fund exceeds $500 million.
Do not trade
ProShares
ProShares’ spot Ethereum ETF was one of the latest products to get the seal of approval from the regulator – just this week, alongside Grayscale’s mini-product – but it is not yet publicly traded.
The investment firm had initially asked only for futures products, but has quietly asked for a cash fund, although details are unknown. so far scarcethe company has yet to announce the ticker or pricing structure for its spot Ethereum ETF. According to NYDIG, the ETF has an underlying index from Bloomberg.
Hashdex
In September, the Nasdaq deposit a proposal on behalf of Brazilian fund manager Hashdex for its Hashdex Nasdaq Ethereum ETF.
Hashdex already has several crypto ETFs trading in Brazil. In the US, its Hashdex Bitcoin ETF received the green light from the SEC in January and began trading in March.
However, Hashdex abandoned its bid for an Ethereum spot ETF in May 2024, shortly after eight other applicants were approved. Its proposed product would have uniquely combined spot ETH holdings with Ethereum futures contracts. The fund manager apparently “no longer considering” moving forward with a single-asset Ethereum ETF; in June 2024, it deposit for a combined Bitcoin and Ethereum spot ETF that would hold both assets, called the Hashdex Nasdaq Crypto Index.
Ethereum ETFs and the Price of ETH
Analysts are divided on how the launch of multiple spot ETFs will affect Ethereum’s price. BRN’s Valentin Fournier argued that “the hype and inflows are already priced in for Ethereum,” anticipating a pullback to $2,800 and $3,100 due to “significant selling pressure that the ETF launch may not immediately counteract,” before rebounding toward $4,000 by September.
A July 22 research note from Bernstein argued for a focus on “Ethereum trading,” noting that it is “likely the only other digital asset likely to gain SEC spot ETF approval” besides Bitcoin, and pointing to the fact that while BTC is up 3x from its 2023 low, ETH is up just 2x from its 2023 lows.
Edited by Andre Hayward
Editor’s note: This article was originally published on May 11, 2024 and last updated with new details on July 23.