Kryptoin Files for ETH ETF With SEC

Delaware-based Kryptoin Investment Advisors has filed for an ETH exchange-traded fund with the U.S. Securities and Exchange Commission on Aug 12.

The Kryptoin ETH ETF Trust was filed on Aug 12, with the objective of providing exposure to ETH at a price that is reflective of the actual ETH market.

If approved, Kryptoin’s ETH ETF would be listed on the Chicago Board Options Exchange (CBOE) BZX Exchange. The filing stated that the Trust will hold ETH, and value its shares daily as determined by the CF Ether-Dollar US Settlement Price. This is an independently calculated value based on an aggregation of executed trade flow of major ETH spot exchanges, it explained.

It added that all ETH assets will be held at Gemini Trust Company which has been carefully selected as it has been authorized by the New York State Department of Financial Services (NYDFS) to provide digital asset custody services.

21 crypto ETFs in ‘21

According to Bloomberg senior EFT analyst, Eric Balchunas, there have been at least 20 other crypto exchange-traded fund filings so far this year.

“This would be physically backed so is under 1933 Act so prob on ice for a while. Not sure what # filing this, it’s def over 20 tho.”

Fellow analyst at the financial outlet, James Seyffart, added:

“21… crazy. And its the twenty first crypto ETF filing in 2021 and the 3rd ETH ETF after WisdomTree and VanEck”

On May 7, VanEck filed for its ETH ETF and on the May 28, Wisdom Tree filed an application for a similar fund to the SEC.

Kryptoin had previously tried to get a BTC ETF approved in 2019. After rejection, it returned with another attempt in April, however, the filing is still under review by the SEC.

On June 9, the SEC posted a notice stating that it would need additional time to review the BTC ETF application. This is a stalling strategy the agency has used a number of times, with WisdomTree’s ETF being delayed in the same month.

In late May, SEC member Hester Peirce said “It’s well past time that we approve an exchange-traded product in BTC,” but the financial regulator continues to drag its feet having yet to approve one.

ETH price outlook

At the time of press, ETH prices had reclaimed the $3,200 level according to CoinGecko. The majority of altcoins were following suit, averaging a few percentage point gains in the past 24 hours.

ETH has made 7% since its weekly opening price and a whopping 80% since reaching a local low of $1,794 on July 21.

The post Kryptoin Files for ETH ETF With SEC appeared first on BeInCrypto.

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