Valkyrie, a prominent asset management firm vying for the coveted title of launching the first Ethereum (ETH) exchange-traded fund (ETF) in the United States, has hit the brakes on its ETH futures purchases.
Read CRYPTONEWSLAND onThe move comes hot on the heels of Valkyrie’s recent approval to offer investors exposure to Ether futures under its existing Strategy ETF (BTF). However, the company’s sudden decision to halt Ether futures purchases and unwind existing positions has triggered speculation about the underlying reasons.
One prominent theory circulating in financial circles is that the US Securities and Exchange Commission (SEC) might be applying pressure behind the scenes. This suspicion gained traction after Valkyrie’s filing, which explicitly stated its intention to wait for an amendment to its registration statement before re-engaging in Ether futures contracts. Some industry analysts suggest that the SEC may have concerns regarding the fast-tracking of Ethereum futures ETFs, particularly in light of the potential government shutdown.
As the cryptocurrency community keeps a vigilant eye on these developments, the excitement surrounding the possible launch of Ethereum ETFs in the United States remains palpable. At the time of writing, Ethereum’s price has surged to $1,676, marking a remarkable 5% increase over the past week.
It is now rumored that around nine Ethereum ETFs, including those from asset manager ProShares and frontrunner VanEck, could begin trading as early as Monday, October 2.
Furthermore, VanEck’s commitment to donating 10% of its Ethereum ETF profits to Ethereum core contributors through The Protocol Guild has garnered attention, emphasizing the growing synergy between traditional finance and the crypto world.
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