The pursuit of a spot Ethereum ETF continues to gain momentum.
What’s happening:
- Galaxy Digital (TSX: GLXY) has teamed up with Invesco to apply for a spot Ethereum ETF
- This is the fourth spot Ethereum ETF to be filed with the SEC
Why it matters:
- Ark recently made waves when they were the first asset manager to file for a spot Ethereum ETF
- Invesco (NYSE: IVZ) is one of the largest asset managers in the world with a valuation of more than $6B USD
- Nearly every major asset management company in the United States has now filed for a spot Bitcoin ETF
- There is clear evidence that institutional capital wants in on Bitcoin and Ethereum as an asset class
Going deeper:
- Galaxy Digital, led by crypto evangelist Mike Novogratz, was one of the first crypto companies to ever publicly list on a major Canadian stock exchange
- Since then they have become a leader in accelerating institutional adoption and accessibility for crypto as a whole
The fine print:
- The SEC has continued to be ambiguous about their stance on both spot Bitcoin ETFs and spot Ethereum ETFs
- Currently, none of the pending applications for spot Bitcoin or spot Ethereum ETFs have been approved by the SEC
