VanEck Fires Starting Gun in Race for First U.S. Ether ETF If approved, the VanEck Ethereum Trust would hold Ether and value its shares daily based off the MVIS CryptoCompare Ethereum benchmark rate, according to a filing with the SEC.
Claire Ballentine and Vildana Hajric | May 10, 2021
(Bloomberg) VanEck Associates Corp. just kicked off a new push for an ETF tracking the cryptocurrency Ether.
If approved, the VanEck Ethereum Trust would hold Ether and value its shares daily based off the MVIS CryptoCompare Ethereum benchmark rate, according to a filing with the Securities and Exchange Commission.
The application comes after three Ether ETFs debuted in Canada last month, the first in North America to carry such an ETF label. The Canadian market is known for beating the U.S. in new ETF concepts, most recently with the launch of the first Bitcoin ETF.
According to a Form S-1 filed with the U.S. Securities and Exchange Commission (SEC), asset manager VanEck Digital Assets has filed for an Ethereum Exchange Traded Fund (ETF). Called VanEck Ethereum Trust, it would trade on the exchange Cboe BZX, if approved.
The investment product would track the MVSI CryptoCompare Ethereum Benchmark Rate and would hold physical ETH. As Custodian, VanEck has appointed the Delaware Trust Company.
Per the document, the custodian will hold the physical ETH. If the cryptocurrency trade downwards, VanEck will redeem or sell more shares. Selling the ETH has been ruled out. According to the document: