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The Race For An Ethereum ETF Is Underway

February 13, 2024
x min read

Wall Street is getting ready for their next foray into digital assets.

What’s happening:

  • Franklin Templeton has officially filed an application for a spot Ethereum ETF with the SEC, becoming one of the latest institutional asset managers to do so

Why it matters:

  • Institutional capital being able to flow directly into ownership of digital assets has been one of the largest obstacles in the way of wider global adoption of crypto
  • The recent decision by the SEC to approve spot Bitcoin ETFs to list on major stock exchanges in the United States has changed the landscape of the way public markets and digital assets coexist

Who is making moves:

  • BlackRock, Fidelity, Ark, Grayscale, VanEck and Galaxy (TSX: GLXY) are amongst some of the largest financial companies to have submitted an application with the SEC for their own spot Ethereum ETFs

Going deeper:

  • Spot Bitcoin ETFs have been accumulating Bitcoin at a rapid pace since they were approved for trading, which has been a major moment of validation for digital assets intersecting with traditional public markets
  • Publicly traded Bitcoin mining companies have also been breaking records for revenue recently, largely due to on-chain transaction fees and the price appreciation of Bitcoin

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