2 More Ethereum ETFs Added to Growing List But ETH Price Remains Bearish

On Aug. 24, two more Ethereum futures ETF applications were filed with the U.S. Securities and Exchange Commission. ARK Invest and 21Shares have partnered on the latest two proposals.

The two applications are for an “ARK 21Shares Active Ethereum Futures ETF” (ARKZ) and a “ARK 21Shares Active Bitcoin Ethereum Strategy ETF” (ARKY).

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We have two more filings for ETFs with Ethereum Futures. This pair is from the @ARKInvest/@21Shares partnership. One will be just ETH futures. The other will be both #Bitcoin& Ethereum futures.
h/t @NateGeraci pic.twitter.com/mgS9QzCdPX

— James Seyffart (@JSeyff) August 24, 2023

Ethereum Futures Race Heats Up

The two firms initially partnered to launch a spot Bitcoin ETF in 2021, but all spot applications have been rejected by the SEC. Furthermore, there are now at least 16 Ethereum and mixed Ethereum and Bitcoin ETF applications in the pending queue.

Many of the initial decision dates are in mid-October which could be a big month for crypto news if the SEC finally softens its stance.

Valkyrie should be the first ETF with a futures product awaiting a decision on Oct. 3 or 4, however, it will be a hybrid fund of BTC and ETH. The first pure Ethereum futures ETF is from Volatility Shares due around Oct. 12.

“[I] Continue to be amazed by a number of issuers tossing hat in the ring here,” commented ETF Store President Nate Geraci, who was also confident that spot ETFs were “potentially right around the corner.”

Bloomberg’s ETF analyst James Seyffart agreed, adding:

“I’m 90% with you on this. Only reasoning that makes sense to me is that if you are going to be known as a firm offering crypto exposure. You kinda just need to have an option on the menu for this… Even if it’s not a money maker (at least to start).”

ETH Prices Depressed

The Ethereum ETF race may be heating up, but the underlying asset is cooling. ETH has fallen around 1% on the day to trade at $1,659 at the time of writing and is now back to February price levels.

The asset has lost more than 10% over the past fortnight, falling from long-term support at $1,850 to current levels. It has found solid support at $1,600, but this could break down if big brother Bitcoin takes another turn south.