Cathie Wood’s Ark Invest Exits Ethereum ETF: 21Shares to Lead Independently
The post Cathie Wood’s Ark Invest Exits Ethereum ETF: 21Shares to Lead Independently appeared first on Coinpedia Fintech News
Cathie Wood’s Ark Invest has decided in a surprising move to withdraw its spot Ethereum Exchange-Traded Fund (ETF), despite the S-1 filings it has undergone earlier, hinting at a potential launch. This decision is significant, putting an end to Ark Invest and 21Shares’ partnership for this particular ETF.
Ark Invest is well-known for using its innovative and disruptive technologies. It has announced that instead of pursuing Ethereum ETFs, it will now provide investors with exposure to Ethereum’s underlying technology through investment products like innovation equity ETFs, digital asset futures ETFs, and the ARK Venture Fund. This demonstrates its commitment to leveraging its active management expertise.
21Shares to Independently Launch Ethereum ETF
Following Ark Invest’s withdrawal, 21Shares will proceed with the Ethereum ETF independently. Bloomberg analyst Eric Balchunas has confirmed the removal of Ark Invest from all documentation related to it, as well as the ETF’s name, which clearly reveals that 21Shares will be managing the ETF autonomously. However, both parties shall maintain their collaboration with Bitcoin and future ETFs, ensuring a stable partnership that will be continued.
Market Awaits Launch of New Cryptocurrency ETFs
The crypto market is currently expecting a potential launch of these ETFs, tentatively scheduled for July 4. However, it may take quite a few weeks to begin trading. This span of time will be important for investors and issuers to scrutinize the evolving regulations properly.
Ark Invest’s decision to withdraw points to its focus on the ARK 21Shares Bitcoin ETF (ARKB), which is also a strategic priority and outlook on the crypto market. Therefore, the fluid and rapidly modifying dynamics of the digital asset market continue to generate investment opportunities with industrial progress.
Also, check out: Top Cryptos That Will Explode Right After Spot Ethereum ETFs Launch
