VanEck Is Preparing To Launch An Ethereum Futures ETF
Global investment management firm VanEck announced the launch of VanEck Ethereum Strategy ETF (EFUT), which aims to provide capital growth by investing in Ethereum (ETH) futures contracts.
EFUT will not invest directly in Ethereum or other digital assets. Instead, the fund will invest in ETH futures contracts on SEC-approved exchanges. It is known that EFUT will invest in futures contracts traded on the Chicago Mercantile Exchange. The ETF will be listed on the Chicago Board Options Exchange (CBOE).
Interestingly, VanEck along with other notable companies received a rejection today to launch a spot Ethereum ETF. The SEC has extended the application until December 26, 2023. VanEck originally applied for a spot Ethereum ETF back in 2021.
SEC intern working overtime today, VanEck Ethereum ETF delayed pic.twitter.com/iUPlreInHy— Fofty Pawlow (@FoftyOerney) September 27, 2023
Despite the extension of the deadline for reviewing ETF applications, the crypto community is looking at the situation with positivity, as it became known that a potential SEC shutdown could speed up the review of applications. And the first Ethereum ETFs could appear as early as next Monday.