Constancy, an asset administration agency overseeing $4.5 trillion in belongings, has change into the newest agency to hunt approval for a spot Ethereum (ETH) exchange-traded fund (ETF).
In a submitting with the United States Securities and Alternate Fee (SEC) on November 17, Constancy proposes to listing and commerce shares of the Constancy Ethereum Fund on the Cboe BZX Alternate.
“In keeping with the Registration Assertion, every Share will symbolize a fractional undivided helpful curiosity within the Belief’s web belongings. The Belief’s belongings will encompass ETH held by the Custodian on behalf of the Belief.”
Replace: @Constancy joins the spot #ethereum ETF race by submitting a 19b-4 with @CBOE https://t.co/rxNEzpzh3g pic.twitter.com/o96XspPDEP
— James Seyffart (@JSeyff) November 17, 2023
The submitting argues that United States residents lack a low-risk avenue to show themselves to ETH. It highlights that the present strategies for accessing the digital asset contain encountering counter-party danger, authorized uncertainty, and technical danger:
“U.S. retail buyers have lacked a U.S. regulated, U.S. exchange- traded car to achieve publicity to ETH.”
This comes after latest information that BlackRock formally filed for a spot Ether ETF, the iShares Ethereum Belief, with the SEC on Nov. 16.
Associated: BlackRock argues SEC has no grounds to deal with crypto futures and spot ETFs in a different way
BlackRock’s submitting comes almost per week after it registered the iShares Ethereum Belief with Delaware’s Division of Firms and nearly six months after it filed its spot Bitcoin ETF software.
This can be a growing story, and additional info will probably be added because it turns into out there.
