Cathie Wood's Ark Invest Drops Plans to Issue Ethereum ETF

In its official statement, the company noted that it continues to believe in Ethereum’s “transformative potential and long-term value.” However, Ark will no longer pursue an Ether ETF product.

While the reason for the sudden change remains unclear, Bloomberg analyst Eric Balchunas thinks the decision was caused by the ongoing “fees war” in the market, which makes it harder for issuers to stay profitable. 21Shares is doing the Ethereum ETF solo now, ARK has been dropped from the document and name, but they still remain partners on the Bitcoin and futures' ETFs. Also no fees in any of the new S-1s. Fee war on hold for now., Bitcoin ETFs have not gained traction among financial advisors. Concerns about market timing and regulatory compliance, along with clients' preference for stability and long-term growth, are key reasons.

Despite advisors’ lack of confidence in Bitcoin ETFs, investors do not seem to lose appetite for it. On Friday, BlackRock's Bitcoin ETF saw inflows of $169 million, according to Arkham Dan is a news editor and writer with 12 years of experience in finance and emerging technologies, with a strong focus on crypto.

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

ARK Invest and 21 Shares cut staking component from latest spot Ethereum ETF filingA spot ether exchange-traded fund proposal from Cathie Wood's ARK Invest and 21Shares will not include staking.
Source: TheBlock__ - 🏆 464. / 53 Read more »

ARK and 21Shares drop staking plans from Ethereum ETF proposalARK Invest and 21Shares removed staking plans from their spot Ethereum ETF proposal, submitted on May 10, amid SEC delays and dwindling approval hopes.
Source: Cointelegraph - 🏆 562. / 51 Read more »

Ark Invest’s spot bitcoin ETF logs record $100 million in daily net outflowsSpot bitcoin ETFs in the U.S. recorded their 13th consecutive day of net inflows on Thursday, drawing in $48.71 million.
Source: TheBlock__ - 🏆 464. / 53 Read more »

ARK Invest ends partnership with 21Shares in ETH ETF applicationARK Invest has ended its partnership with 21Shares and will no longer be involved with the Ethereum ETF. Despite acknowledging Ethereum's potential and value, ARK Invest has decided not to move forward with the ETF, citing a need to reassess its investment strategy.
Source: Cointelegraph - 🏆 562. / 51 Read more »

BlackRock Amends Ethereum ETF Application; Bloomberg’s Balchunas Sees ETF Going Live By JuneShaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
Source: CoinDesk - 🏆 291. / 63 Read more »