Ark Invest will no longer be a partner of the Ethereum ETF proposed by 21Shares – DiarioBitcoin

In a new presentation before the SEC, 21Shares revealed the dissolution of the partnership with Ark Invest to launch this product. The details behind this measure are unknown.

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• Ark Invest and 21Shares They will no longer manage an ETF together Ethereum
• The application before the SEC is in charge of 21Shares
• The reasons behind this decision are unknown.
• Ark Invest and 21Shares will continue to work together for the ETF Bitcoin already operational

Everything seems to indicate that Ark Invest, the investment fund company founded and run by Cathie Wood, will no longer work with 21Shares to jointly operate an exchange-traded fund (ETF) based on Ethereum cash.

Ark and 21Shares do not work together with the ETF Ethereum

The precision was indicated in an S-1 form filed with the SEC today, where it reads that the ETF formerly known as the “Ark 21Shares Ethereum ETF” is now called “21Shares Core Ethereum ETF’”.

According to a report published by the media The Block a spokesperson for 21Shares confirmed that, indeed, this will be the new name of the proposed fund, and that it Ark Invest will not act as a partner for said ETF Ethereum cash.

The spokesperson indicated:

As detailed in the filing, ARK Invest will not act as a partner of this ETF. We are excited about the recent SEC 19b-4 clearance and are committed to increasing access to cryptocurrencies as an asset class for US investors.

The move comes as a surprise since Wood recently participated in an interview during the event Consensus organized by CoinDesk, and although he discussed certain aspects related to ETFs Ethereum in cash, there were no clues about a possible change in the request they made from Ark Invest jointly with 21Shares.

However, as clarified by the spokesperson, the fact that they are not going to work together with this fund does not imply that the ETF Bitcoin of Ark and 21Shares will undergo changes, so they will continue to collaborate with said product.

Less and less for ETFs Ethereum cash

Revelations about the ETF Ethereum of 21Shares comes to place a day after the SEC All applicants are requested to submit the required drafts today, in view of the final verdict that the regulator will give soon.

Previously the SEC approved the forms 19b-4 for eight ETF applications Ethereum cash. This step represents the approval for products based on the digital currency, but it is the registration S-1 which will set the date for the start of operations, which is completely at the discretion of the regulatory agency since it is not subject to specific periods.

For this batch, entities like BlackRock, Fidelity, Franklin Templeton, VanEck and Invesco They have already filed their respective S-1 forms. However, the question now remains whether Ark Invest will choose to launch its own application for ETF Ethereum in cash, or if the fund will only be jointly operating based on Bitcoin.

Article by Angel Di Matteo / DailyBitcoin

Picture of Unsplash

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