ProShares Files for Physical Ethereum ETF with SEC

IconCryptoNewsTerminal Staff11 Jun, 2024

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ProShares Files for Physical Ethereum ETF with SEC

ProShares, a global asset management firm, has taken a significant step towards launching a physical Ethereum (ETH) exchange-traded fund (ETF) by submitting a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC). The ETF aims to provide investors with exposure to the price of ETH, the second-largest cryptocurrency by market capitalization. Coinbase, a leading cryptocurrency exchange, will serve as the custodian for the ETF, while the Bank of New York Mellon will act as the transfer agent. The expense ratio, which covers the ETF's operating costs, has yet to be disclosed. ProShares previously filed a rule change with the SEC in October 2022, seeking approval to list and trade shares of its Ether futures ETF. This latest filing for a physical ETH ETF represents a continuation of ProShares' efforts to bring cryptocurrency-based investment products to the mainstream. If approved by the SEC, the ETF would provide investors with a convenient and regulated way to gain exposure to Ethereum without having to buy and store the cryptocurrency directly.

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