Asset Management company Valkyrie has filed an application for an Ether Exchange-traded Fund (ETF) for Ether Futures with the US Securities Exchange Commission (SEC). This application is an expansion of the company’s earlier decision to modify its Bitcoin Futures ETF applications that were approved in July.
In order to purchase the various properties, the fund will try to acquire them upon receiving the application. Ether Futures contracts are a better investment than direct investments in cryptocurrency. Ether, the native token of the Ethereum Blockchain technology, is used to facilitate peer-to-peer transactions on a decentralized network.
According to the application document, “Ether may be regarded as a currency or digital commodity depending on its specific use in particular transactions. Ether may be used as a medium of exchange or unit of account, although a number of large and small retailers accept ether as a form of payment in the United States and foreign markets, there is relatively limited use of ether for commercial and retail payments. Similarly, ether may be used as a store of value […], although it has experienced significant periods of price volatility.”
The news of the application has had minimal effect on the Ethereum price which was trading at $1,819.73, down 0.96% over the past 24 hours.
Eric Balchunas of Twitter tweeted, “Valkyrie just filed for an Ether Futures ETF will also file a 497 form to include the name/strategy. $BTF Bitcoin + Ether Futures Get out of bed early Perhaps This is an indication that SEC won’t let them play the old game. $MJ maneuver, not sure.”
