Best Crypto to Buy Now September 28 – Biconomy, Compound, LeverFi
The asset management firm VanEck announced on Thursday that it plans to launch an exchange-traded fund (ETF) based on Ethereum futures contracts in the near future.
The VanEck Ethereum Strategy ETF (EFUT) will invest in cash-settled futures contracts for ether, the native cryptocurrency of the Ethereum blockchain network.
Amidst these current cryptocurrency ETF developments, what is the best crypto to buy now?
According to VanEck's press release, EFUT shares will be listed for trading on the Chicago Board Options Exchange (CBOE), though a specific start date has not yet been revealed.
Bloomberg ETF analysts have predicted the new Ethereum futures ETF could begin trading as early as October 2nd or 3rd, pending regulatory approval from the Securities and Exchange Commission (SEC). VanEck stated that the fund's shares cannot be sold until its SEC registration is effective.
This will be the first Ethereum futures ETF available to U.S. investors, following the launches of several Bitcoin futures ETFs in 2021.
Despite numerous proposals for Bitcoin and Ethereum spot ETFs, the U.S. market is yet to see these offerings due to the SEC's consistent deferrals on these decisions.
VanEck has sought for years to bring cryptocurrency ETFs to U.S. investors but faced hurdles from the SEC. The firm's Bitcoin futures ETF launched in November 2021 but has seen relatively muted demand compared to competitors like ProShares' Bitcoin futures ETF.
With its planned Ethereum product, VanEck seeks to capitalize on the surging interest in Ethereum investment vehicles. The company is among over a dozen firms with Ethereum futures ETF proposals recently filed with the SEC.
With this latest update, Ethereum's price has seen bullish momentum in trading,
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