- 21Shares independently pursues Ethereum ETF as ARK steps back from ETH spot business.
- ARK Invest confirms it will not engage in Ethereum spot ETF business currently.
In a statement issued recently, ARK Invest declared that it will not be involved in the ETH spot market. 21Shares is now leading the charge to introduce a spot Ethereum ETF.
Though they have opted not to move forward with an Ethereum ETF at this time, ARK is still upbeat about Ethereum’s long-term prospects. ARK plans to carry on assessing successful ways to interact with Ethereum in the future.
ARK statement on not doing Eth spot pic.twitter.com/Z48SMyXvat
— Eric Balchunas (@EricBalchunas) May 31, 2024
Novogratz’s Optimistic OutlookÂ
In the meantime, Galaxy Digital CEO Mike Novogratz has already expressed his optimism that the US government will approve an ETH ETF staking in the coming two years.
According to Novogratz, adopting a regulatory structure akin to Hong Kong’s could make such financial products possible in the United States, in line with what ETHNews previously disclosed.
From this angle, Ethereum’s potential as a workable investment asset in the conventional finance industry is being increasingly discussed and viewed with hopes.
JPMorgan’s Cautionary Prediction on Ethereum ETFÂ
In sharp contrast, JPMorgan research projects that Ethereum spot ETF demand will be lower than that of Bitcoin, as previously reported by ETHNews. The two top cryptos have different levels of market interest and perceived worth, as this cautious forecast highlights.
Meanwhile, Ether (ETH) is selling for about $3,773.66, according to the most recent CoinMarketCap data. The coin has increased by 0.57% in the last 24 hours and, over the previous week, by 0.5%.
This price increase may have an impact on investor interest in Ethereum-based ETFs due to the positive market sentiment.