Constancy Turns into the seventh Firm to File For a Spot Ethereum ETF

• Constancy Investments has filed for an Ethereum exchange-traded fund (ETF).
• In line with Seyffart, Constancy is the seventh firm to submit a spot Ethereum ETF proposal.
• Constancy intends to record the Ethereum ETF on an trade owned by Cboe International Markets.

Constancy Investments, a famend cash administration outfit, has filed for an Ethereum exchange-traded fund (ETF). In line with experiences, James Seyffart, a high ETF analyst, posted a screenshot of the submitting on his X app account. The shared content material famous that “The Change proposes to record and commerce shares of the Constancy Ethereum Fund beneath BZX Rule 14.11(e)(4) Commodity-Primarily based Belief Shares.

In line with Seyffart, Constancy turns into the seventh firm to submit a spot Ethereum ETF proposal by this submitting. The opposite corporations with comparable proposals embrace VanEck, 21Shares and Ark, Hashdex, Grayscale, Invesco and Galaxy, and BlackRock.

Primarily based on the submitted proposal, Constancy intends to record the Ethereum ETF on an trade owned by Cboe International Markets. Nevertheless, like the opposite proposals earlier than it, Constancy’s spot Ethereum ETF awaits approval by the Safety and Change Fee (SEC). Notably, Constancy and different cash administration giants are additionally awaiting the SEC’s spot Bitcoin ETF approval for his or her proposals.

Crypto optimists consider that spot ETFs for Bitcoin and Ethereum, the 2 largest cryptocurrencies, would shake up the crypto market. There’s a basic perception that it could open the market and make it simpler for mainstream buyers to take part within the novel market.

With spot ETFs, standard brokerage accounts would enable customers to purchase listed ETFs and commerce them like shares. Theoretically, spot ETFs would entice an inflow of funding into the digital property business, notably with the involvement of market behemoths like Constancy and BlackRock.

Ethereum jumped almost 13% on November 9 following experiences of a BlackRock Ethereum ETF submitting. The worth reached an area excessive of $2,136 however has since retraced in consolidation. Information from TradingView confirmed that Ethereum traded for $1,934 on the time of writing.