Ark Invest applies for spot ETF for Ethereum

Ark Invest is entering the race for a spot ETF for Ethereum. It has chosen 21 Shares as its partner. Coinbase will be the custodian.

Ark Invest has submitted an application for a spot ETF for Ethereum. If the application were accepted, it would be the first Ethereum ETF in the US.

21Shares has been chosen as a partner. The ETF will be launched on the CBoe exchange. It is controlled and held by Coinbase.

The U.S. financial regulator now has up to 240 days to decide on the application.

There has been a race underway for first Bitcoin spot ETF. Many powerful hedge funds have filed with the SEC, including Ark Invest.

Ark Invest is the investment company of Cathie Woods. She is considered a strong supporter of Bitcoin and crypto. Its assets under management exceed $14 billion.