VanEck solicita el ETF de Ethereum a medida que el precio de ETH se tambalea

According to a Form S-1 filed with the U.S. Comisión Nacional del Mercado de Valores (SEGUNDO), asset manager VanEck Digital Assets has filed for an Ethereum Exchange Traded Fund (ETF). Called VanEck Ethereum Trust, it would trade on the exchange Cboe BZX, si se aprueba.

The investment product would track the MVSI CryptoCompare Ethereum Benchmark Rate and would hold physical ETH. As Custodian, VanEck has appointed the Delaware Trust Company.

Per the document, the custodian will hold the physical ETH. If the cryptocurrency trade downwards, VanEck will redeem or sell more shares. Selling the ETH has been ruled out. Según el documento:

The Trust’s investment objective is to reflect the performance of the MVIS® CryptoCompare Ethereum Benchmark Rate less the expenses of the Trust’s operations. In seeking to achieve its investment objective, the Trust will hold Ether (“ETH”) and will value its Shares daily based on the reported MVIS® CryptoCompare Ethereum Benchmark Rate.

Asset manager VanEck has also filed for a Bitcoin ETF with the SEC. En el pasado, theirs and the rest of these petitions have been rejected by the regulator. sin embargo, the current seems different and more promising.

Gary Gensler, former MIT professor with a course on cryptocurrencies and blockchain, has been confirmed as Chairman by the U.S. Senado. His position appears to be more flexible and pragmatic than his predecessors. The regulator will evaluate VanEck’s petition and rule in favor or against it. The SEC has an extended period to issue its ruling which, en el pasado, has always used.

Canada’s Ethereum ETF With Record High Volume

Mientras tanto, there is a crypto mania for Crypto ETFs in Canada, as Senior ETF Analyst for Bloomberg Intelligence Erick Balchunas said. The country has approved several Bitcoin and Ethereum ETFs and their trading volume has skyrocketed in the past weeks. Balchunas said:

Canada going crazy for crypto. Thought the story would be $ETHX’s record smashing volume but no, the 3iQ Bitcoin ETF came out of nowhere to trade $200m, most in country. Probable (otro) massive creation. It’s already up to $600m aum (equivalent of $16b in US lol).

Grayscale’s ETH-based investment product, the Grayscale Ethereum Trust (fiebre), is the closest thing investor in the U.S. have to an ETF. La semana pasada, this product’s volume surpassed that of the Grayscale Bitcoin Trust (GBTC), as Balchunas said.

Ethereum ETH ETHUSD
Canada’s ETH ETF with record volume. Fuente: Eric Balchunas – Bloomberg

This suggests ETH has been gaining attention from institutional investors. The price has responded accordingly with ETH reaching a new all-time high in the same period.

ETH trades at $3,544 con un 1.7% beneficio en el gráfico diario. En el gráfico semanal y mensual, ETH has a 27.6% y 78.2% ganancia, respectivamente.

Ethereum ETH ETHUSD
ETH moves sideways in the lower timeframes. Fuente: ETHUSD Tradingview

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