BlackRock, Bitwise Investments and Fidelity have emerged as the early leaders among the US exchange traded funds that invest directly in ether, the world’s second largest cryptocurrency. The funds took in about $267mn, $204mn and $71mn respectively on their first day of trading Tuesday, while investors withdrew about $484mn from a better established but more expensive rival Grayscale Investments, according to data from Bloomberg Intelligence.
Ethereum’s native token, ether, can also be used to earn a return for the holder when it is staked, or locked up, to help secure and validate transactions on the Ethereum network. However the regulator had yet to clarify if the activity qualified as a security and barred the new ETF issuers from participating in staking.
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