
VanEck, a global investment firm established in 1955 that manages $80.8B as of August, will launch a futures ETF for ETH, the world's second most valuable cryptocurrency.
On the news, Ether has surged nearly 4%, or $1,660, to close at $1,660.
ETF will hold Ether futures contracts - as opposed to the asset itself - and will trade on the Chicago Board Options Exchange, which is the largest exchange for futures and options in the U.S. VanEck already offers a Bitcoin futures ETF.
This year, the Securities and Exchange Commission has been tough on crypto companies, and it regulates ETFs, which are prompting some to suggest that the agency's stance towards digital assets may be softening.
The development is not necessarily bullish, however, - VanEck's Bitcoin futures ETF was launched in November 2021, just days before crypto markets topped.
The news comes as a swathe of companies have filed applications for spot Bitcoin ETFs from the SEC, which would allow retail investors to easily access exposure to the digital asset. In May, Coinbase launched a cryptocurrency exchange that caters to foreign users.