Investment management firm ProShares Advisors has launched six new futures products for Ether, marking the cryptocurrency’s entrance into the ETF market. The newly introduced ETFs provide investors with exposure to Ether through futures contracts rather than direct investment in the cryptocurrency. Among these ETFs are the Ether Strategy ETF (EETH), Bitcoin & Ether Equal Weight Strategy ETF (BETE), and Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) offered by ProShares Advisors.
By tracking the performance of Ether futures contracts, these ETFs offer regulated exposure to the cryptocurrency market. ProShares’ global investment strategist, Simeon Hyman, explains that the introduction of futures ETFs is significant as it resolves many challenges faced by the spot market while it matures. The U.S. Securities and Exchange Commission (SEC) is currently reviewing the approval of a spot bitcoin ETF, following a recent ruling against the SEC’s argument to prevent the conversion of a Grayscale Bitcoin Trust (GBTC) into an ETF.
On the other hand, ProShares manages the Bitcoin Strategy ETF (BITO), the largest bitcoin futures ETF available, which has experienced impressive growth this year. ProShares has established itself as the largest crypto ETF provider. Additionally, Jacobi Asset Management recently launched Europe’s first spot Bitcoin ETF after receiving approval from the Guernsey Financial Services Commission. Together with the surge in applications for similar products in the US, these developments indicate the growing interest and demand for crypto ETFs.
