ARK Invest and 21Shares, two prominent investment firms, have joined the growing list of applicants seeking approval for Ethereum futures exchange-traded funds (ETFs) following recent reports suggesting that the US Securities and Exchange Commission (SEC) may soon be greenlighting such applications.
ARK 21Shares Active Ethereum Futures ETF (ARKZ) and ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY)
The collaborative effort between ARK Invest and 21Shares has resulted in the submission of two proposed Ethereum futures ETFs: the "ARK 21Shares Active Ethereum Futures ETF" (ARKZ) and the "ARK 21Shares Active Bitcoin Ethereum Strategy ETF" (ARKY). These filings were made on August 24th to the SEC.
According to the filing, ARKZ is expected to allocate at least 25% of its total assets to cash-settled Ethereum futures contracts, including those traded on the Chicago Mercantile Exchange (CME). On the other hand, ARKY will comprise both Bitcoin and Ethereum futures contracts.
Empowered Funds has been designated as the investment advisor for these two Ethereum products.
Continued Efforts in the Cryptocurrency Market
This collaboration builds upon a previous partnership between Ark Invest and 21Shares, which resulted in the launch of a spot Bitcoin ETF in 2021.
In the past, the SEC has rejected Ark Invest's initial attempts for a Bitcoin spot ETF in March 2022 and January of the same year. Nevertheless, the firm submitted a fresh application for a Bitcoin spot ETF in April, just two months prior to BlackRock, a $10 trillion company, lodging its own application.
Recently, the SEC deemed several Bitcoin spot ETF applications as inadequate, prompting ARK 21Shares and other applicants to incorporate a surveillance sharing agreement into their respective submissions.
Furthermore, Ark Invest and 21Shares are eagerly awaiting the outcomes of two other ETF applications: the Ark 21Shares Active Bitcoin Futures ETF (ARKA) and the Ark 21Shares Active On-Chain Bitcoin Strategy ETF (ARKC).
