According to a November 29 filing with the United States Securities Commission (SEC), the Kelly Ethereum Ether Strategy ETF will invest in cash-settled Ether futures contracts that are traded on the Chicago Mercantile Exchange (CME).

Bloomberg Senior ETF Analyst Eric Balchunas noted on Twitter today that Kelly’s Ether ETF may have a slim 20% chance of getting approved as he wonders if the “SEC is ready for this next step. ”

US Bitcoin ETF favors Australia’s approval of cryptocurrencies
According to Balchunas, SEC Chairman Gary Gensler is “not mentally prepared” to approve anything other than a Bitcoin (BTC) futures ETF at this time:

“” During the Bitcoin futures filing process in August, VanEck and ProShares also filed Ether ETFs. The SEC told them to withdraw them. Now it’s been 3 months (and 3 successful launches of Bitcoin futures ETFs) ”
Balchunas added that if rumors were true that the SEC told VanEck and ProShares to withdraw their respective Ether ETF filings, as they provided exposure to crypto assets other than BTC, Kelly’s ETF would have a 1% chance of being approved.

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