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- 21Shares follows VanEck in filing the crucial Form 8-A for its spot ETH ETF.
- The Spot Ethereum ETF announcements witnessed a spur in activity in the past weeks.
Asset manager 21Shares filed the 8-A form with the SEC for its spot Ethereum ETFs, becoming the second firm in the market following VanEck.The past few days have witnessed an increased scrutiny on altcoin exchange-traded funds with multiple firms making crucial announcements.
Initially, 21Shares partnered with Cathie Wood-led ARK Invest to launch the spot Ethereum ETF. The partnership had existed when the SEC approved its ETF listings. However, at the beginning of June, ARK Invest stepped out of the collaboration and the filings were amended. The two firms still sustain their partnership in spot Bitcoin ETFs.
Notably, the 8-A filings with the SEC will allow exchanges to list and trade exchange-traded funds (ETFs). Since the spot ETH ETFs still await trading, the issuers’ steps toward filings have led to a positive sentiment in the market. 21Shares, whose position seemed uncertain after ARK Invest’s partnership termination, has reaffirmed investors on its spot Ethereum ETF.
What Does the Spot ETH ETF Landscape Look Like?
Amidst multiple announcements, Ethereum’s spot ETF sector has shown a spur in activity. Two of the eight approved issuers, Franklin Templeton and VanEck, began announcing their fee rates over the past few weeks.
Notably, VanEck caught market attention by announcing an ‘initial no fee’ period. It stated that it would charge a 0.20% fee post the period. Meanwhile, leading ETF issuer, BlackRock,has not indicated its fee rate and is expected to in the coming weeks.
Furthermore, the SEC chair Gary Gensler stated earlier this week that the approval process of spot ETH ETFs is going smoothly. Meanwhile, despite increasing attention, Ethereum’s price has failed to show significant surges over the past month. At the time of writing, the token was trading at $3441.
Moreover, 21Shares has announced the initiation of multiple advancements in the past months. After the spot Bitcoin ETF approval, 21Shares announced an integration with Chainlink to increase the ARKB ETF’s transparency.
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