ProShares Files Ethereum Spot EFT, Awaiting SEC Approval

ProShares submits Ethereum Spot EFT, awaiting SEC approval (Photo; Doc. Ft)

JAKARTA - ProShares, a US-based financial services company, has submitted an application to the United States Securities and Exchange Commission (SEC) to launch the ETF on the Ethereum spot exchange (ETF). This application, submitted via the 19b-4 form, paved the way for investors to participate in the Ethereum market dynamics through the New York Stock Exchange (NYSE), awaiting approval from the SEC.

With the background of approval for the first phase of the ETF application by well-known companies such as VanEck and BlackRock on May 23, 2024, ProShares hopes to join this trend with the ETF designed to track the Ethereum (ETH) value, digital assets with the second largest market cap after Bitcoin.

During the SEC's wait for a decision, ProShares has chosen Coinbase Custody as a custodian for their Ethereum ETF spot, showing confidence in the certification provided by financial regulators. Reporting from CoinSpeaker, ProShares also affirmed their commitment not to participate in Ethereum staking activities, in line with SEC's request for companies to remove Ethereum staking features from their investment products.

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ETF Futures Ethereum by ProShares

As part of their strategy, ProShares has launched two ETF futures Ethereum, namely ProShares Ultra Ether ETF (ETHT) and ProShares UltraShort Ether ETF (ETHD), which started trading on June 7 on NYSE. These products offer investors the opportunity to target the level of exposure with less capital risk, and provide the option of profiting when the price of Ether drops.

The launch of Ethereum's ETF by ProShares is expected to strengthen the company's position in the crypto asset ETF industry and provide investors with more options. The final decision from the SEC regarding the Ethereum spot ETF is expected to come out within 45 to 90 days of the submission date, with potential regulator feedback that could arrive as soon as July.