VanEck is inviting you to “enter the ether” through its recently announced Ethereum futures exchange-traded fund (ETF), which it announced on Thursday through some savvy online marketing.
The global investment manager’s Ethereum Strategy ETF will invest in standardised, cash-settled ETH futures contracts traded on commodity exchanges registered with the Commodity Futures Trading Commission (CFTC).
AI, AI, Uh Oh! Follow for updates on how to Enter the Ether. pic.twitter.com/wM69nVtbWC— VanEck (@vaneck_us) September 28, 2023
Expected to list in the coming months, VanEck’s ETH futures ETF joins an existing bitcoin futures ETF offered by the investment manager, and will offer ether price exposure to institutional investors.
The news predictably sent ether’s spot price on a rally, adding some 3.4% on Thursday to close the session above $1,650.
Friday morning trades continued to add gains, bringing the ETH/USDT pair up to $1,660.
Bitcoin joined in the Thursday rally, surging 2.5% yesterday while staying buoyant this morning above the $27,000 price point.
While cryptocurrency-linked futures ETFs are typically approved by US regulators, the jury is still out on spot ETFs, which could fundamentally change the cryptocurrency investing landscape.
In fact, the Securities and Exchange Commission (SEC) delayed its decision on spot-bitcoin ETF applications from BlackRock (NYSE:BLK), Invesco, Valkyrie and Bitwise once again on Thursday, indicating that the regulator is still reticent to give the go ahead.
Bitcoin is still down over the past six months – Source: tradingview.com
Elsewhere in the crypto markets, Tron (TRX) remains ahead of the market with nearly 6% on gains posted in the past seven days, compared to less than 3% by the likes of BNB, Cardano (ADA), Dogecoin (DOGE) and Polkadot (DOT).
Meanwhile, Ripple (XRP) has dipped in the red.
Global cryptocurrency market capitalisation jumped 2% overnight to $1.08 trillion, with bitcoin dominance sitting just below 50%.
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