At time of filing, there was no listed custodian.
In their filing, VanEck and MVIS point to the continued maturation of the crypto market, arguing that “the ETH market has matured such that it is operating at a level of efficiency and scale similar in material respects to established global equity, fixed income and commodity markets.” As evidence, they point to the launching of futures contracts for ether; foreign-domiciled ether ETFs; a vibrant market maker community for the cryptoasset; and the ability of national banks to provide custody services.
The Rise of Ether
Ether is the second most popular cryptocurrency after Bitcoin, is the transactional token carried by the Ethereum blockchain, a programmable blockchain that has monetary and decentralized finance (DeFi) applications, including NFTs.
The cryptocurrency has been performing exceptionally well as of late, outstripping gold, bitcoin, and other store-of-value assets.
See also: Ethereum Soars But Is It Better than Bitcoin? Gold?
Although VanEck’s filing is the first of its kind in the U.S., four ether ETFs have already launched in Canada since mid-April, along with monstrous trading volumes.
For more information, visit the Crypto Channel.