Just-In: VanEck Announces Ethereum Futures ETF in US
On September 28th, the investment management firm VanEck revealed plans to introduce the VanEck Ethereum Strategy ETF (EFUT). This actively managed ETF aims to harness capital appreciation by focusing on Ethereum (ETH) futures contracts.
VanEck ETF to Invest in ETH Futures
VanEck’s head of active trading, Greg Krenzer, will manage the ETF, which will be listed on the CBOE. However, it’s crucial to note that EFUT will not directly invest in ETH or other digital assets. Instead, it will allocate funds to standardized, cash-settled ETH futures contracts. These contracts will be sourced exclusively from commodity exchanges that have received approval from the Commodity Futures Trading Commission (CFTC). The fund plans to invest solely in ETH futures traded on the Chicago Mercantile Exchange.
This strategic move by VanEck follows the launch of its VanEck Bitcoin Strategy ETF (XBTF). The firm has committed to providing regular updates on the launch through its official X account, formerly known as Twitter.
SEC Delays Decisions on Various Crypto ETFs
The announcement comes amidst a series of delays by the Securities and Exchange Commission (SEC) in approving Bitcoin and Ethereum ETFs. Grayscale Bitcoin Trust (GBTC) had previously applied to create an ETF, which was subsequently rejected by the SEC. Grayscale then resubmitted a second proposal, incorporating distinct regulatory strategies to enhance the probability of approval.
In August 2023, a court-mandated the SEC to reassess Grayscale’s application. The court emphasized the necessity for a more rational decision-making process, a directive that was met with dissatisfaction by Grayscale executives. Moreover, the SEC has also postponed a decision on VanEck’s proposed spot ether fund, the VanEck Ethereum ETF.
Also Read: Ethereum Price Prediction As The SEC Delays Decisions On ETFs From Ark, VanEck
- Expert Warns More Crypto Bloodbath Ahead of CPI Data Tomorrow
- US President Promises Deal With China on Everything As ‘Trump Insider’ Begins To Close Bitcoin Shorts- Is A BTC Recovery Ahead?
- Just-In: Changpeng “CZ” Zhao Counters Peter Schiff, Says “Tokenizing Gold Is Not On-Chain Gold”
- $240 Million Hacked Crypto Exchange WazirX Reopens Deposits But Faces Community Backlash
- Expert Flags Pi Network Team as Source of Selling Pressure After Reported 1.2M PI Dump
- BNB Price Forecast: Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
