In anticipation of possible approval of its Bitcoin ETF by the U.S. regulator, Galaxy Digital and Invesco have jointly applied to create an Ethereum spot ETF.
Galaxy Digital Fund and Invesco have updated their joint application to create a spot ETF on Ethereum (ETH). After VanEck, ARK Invest, Hashdex, and Grayscale, Galaxy and Invesco are the fifth to launch an Ethereum spot ETF in the US market.
Initially, sources reported the launch of an application for an Ethereum ETF. However, after this, analyst James Seyffart pointed out that the application for the ETF from Galaxy Digital and Invesco was originally submitted on Sept. 29. The latest updates were only about updating the application.
The change in application occurred because ETFs for Ethereum futures were recently launched in the United States.
Ethereum spot ETFs will have to wait for the preliminary launch of Bitcoin spot ETFs, pending scrutiny from the Securities and Exchange Commission.
Grayscale Investments legal counsel Craig Salm believes that the emergence of a spot exchange-traded fund based on the first cryptocurrency is more “a matter of when not if.” Salm expressed optimism about the launch of the new product since the day before the US Securities and Exchange Commission decided not to appeal the court order to convert GBTC into a Bitcoin ETF.