VanEck to launch Ether Futures ETFs

VanEck to launch Ether Futures ETFs

VanEck, an investment firm based in 1955 that manages $80.8B in August, is going to launch a futures ETF for ETH, the world's second most valuable cryptocurrency.

Ether is trading nearly 4% higher on the news, up $1,660 at $1,660 a share.

The 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.

The SEC, which has been aggressive towards crypto firms this year, also regulates ETFs, causing some to suggest that the agency's policy towards digital assets may be softening.

The development is not necessarily bullish, however, - VanEck's Bitcoin futures ETF launched in November 2021, just days before crypto markets topped.

The news comes a day after many companies have filed applications to the SEC for spot Bitcoin ETFs, which would allow retail investors to easily access exposure to the digital asset. In May, coinbase launched a trading platform that caters to foreign users.