A Second ETH ETF Is Seeking SEC Approval
2 min read
WisdomTree, an asset manager with a focus on investment products, has filed for an ETH ETF.
ETFs, or exchange-traded funds, track the performance of an underlying asset or group of assets. They’re a good option for traders who don’t want to deal with the risks of actually holding the underlying investment, and would rather just treat it like a regular stock.
Companies like WisdomTree see crypto as a good use case, since blockchain tech is notoriously difficult to navigate: wallets can be confusing, transaction fees are expensive, and tax obligations are unclear. An ETH ETF would make things easier for investors who aren’t quite ready to hold ETH but want to get in on the market.
WisdomTree is the second firm to file for an ETH ETF, after VanEck. According to its S-1 filing, shares would be listed on Cboe’s BZX exchange.
Brazil and Canada recently got their first BTC ETFs. BTC fans in the US have been clamoring for a crypto ETF for years, but the SEC has yet to approve one. BTC ETF applicants haven’t been able to convince the SEC that the crypto market is free of manipulation and safe enough for mainstream retail investors.
It’s not for lack of trying—plenty of companies have filed for BTC ETFs over the years, including WisdomTree. Along with WisdomTree’s filing, SEC is currently reviewing active applications from Fidelity, VanEck, Kryptoin, and Anthony Scaramucci’s SkyBridge Capital.
The Winklevoss-owned crypto exchange Gemini became the first company to file for a BTC ETF back in 2013.
