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Bitcoin price once again climbed above $71,000 and at the time of writing, it has pulled back from its peak. The majority of altcoins have achieved double-digit gains. A few minutes ago, a new application for Ethereum was received. Despite Bloomberg experts suggesting a slim chance of ETF approval, companies seeing potential in Ether are not giving up.
New Ethereum ETF Application Submitted
Bitwise has just submitted an application for an ETF to be traded on the NYSE. The supply of shares will be indefinite, as per the Securities Act of 1933 (“1933 Act”), similar to what we have seen with BTC ETFs. As with every application, risks associated with the underlying asset are mentioned here too. Details such as the risks of prolonged internet outages due to Ethereum‘s reliance on the internet or potential hard forks in the network are also included.
If you recall, when BlackRock wrote the same things about BTC, we saw ridiculous headlines suggesting a “trillion-dollar company could fork and end Bitcoin.” Perhaps today, it could be amusing to see the same individuals or platforms sensationalize headlines about Bitwise “cutting off the internet.”
The SEC will make its final decision on the application submitted by Ark and 21Shares on May 23rd, and we will see the final decisions for companies like BlackRock and Fidelity announced in July.
