ARK Invest, in collaboration with 21Shares, has applied to the U.S. Securities and Exchange Commission (SEC) for the country’s first spot Ethereum exchange-traded fund (ETF). The fund, to be named ARK 21Shares Ethereum ETF, aims to offer direct investment in Ether.
It plans to trade based on the CME CF Ether-Dollar Reference Rate – New York Variant and aims to be listed on the Cboe BZX Exchange under the symbol ARKE.
This structure will provide the fund with direct exposure to the Ether market, thereby facilitating easier access for investors to the cryptocurrency markets.
Partnership Between ARK Invest and 21Shares
ARK Investment Management has been designated as the sub-advisor to 21Shares and will play an active role in developing the fund’s marketing strategies. ARK Invest has previously exhibited noteworthy performances in investments related to cryptocurrency and technology.
Known for its innovative approach in the investment sector, ARK Invest joins forces with 21Shares, a company that has stood out for its array of products aimed at the cryptocurrency market. The partnership between the two companies carries the potential to boost the acceptance of cryptocurrencies in financial markets.