#Valkyrie, a prominent asset manager, has taken a significant step by submitting documentation to the U.S. Securities and Exchange Commission (SEC) for an #Ethereum Strategy exchange-traded fund (ETF). The fund aims to invest in Eher futures and other valuable collateral assets, according to the paperwork filed on Wednesday. After a challenging 2022, the cryptocurrency market is showing signs of recovery, drawing attention from major asset managers like BlackRock (BLK.N). These financial giants are now exploring the potential of this alternative asset and planning to introduce a series of derivative-based products, including ETFs.
Regulators had paved the way for ETFs linked to bitcoin futures contracts since October 2021, marking a pivotal juncture for #cryptocurrencies back then. However, the landscape has not been without its hurdles.
The #SEC has turned down numerous applications for spot #bitcoin ETFs, expressing concerns over insufficient trading surveillance measures, which could expose the underlying spot market to potential fraud and manipulation.
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