ARK Invest, the well-known global asset manager, has announced that it is ending its partnership with 21Shares for the ARK 21Shares spot Ethereum ETFs. Instead, 21Shares will continue to operate the Ethereum ETFs independently. As a result, the SEC has updated the S-1 filings for the ETF, changing its name to 21Shares Core Ethereum ETF from its previous name, ARK 21Shares Ethereum ETF. The SEC had previously approved eight spot ETH ETFs, including the ARK 21Shares Ethereum ETF, to be issued on the BZX Exchange on May 23.
While ARK Invest and 21Shares have collaborated on various crypto assets, including Bitcoin Future ETFs, they have decided not to move forward with their partnership for the spot Ethereum ETF. However, ARK Invest remains confident in the potential of Ethereum and the long-term value of blockchain technology. It will continue to explore efficient investment opportunities that offer investors exposure to innovative technology, as highlighted in Erik Balchunas’s X account.
ARK Invest will, however, maintain its partnership with 21Shares for the spot BTC ETFs, which were approved on January 11, 2024. The company believes that Bitcoin is a public good that should be accessible to everyone at a low cost.
In addition, 21Shares has submitted its amended S-1 filings, indicating that the ETF will be issued on the BZX Exchange. The fund is sponsored by 21Shares US LLC, with CSC Delaware Trust Company serving as the Trustee. Coinbase Custody has been appointed as the Ether Custodian for the fund.
Furthermore, four other issuers—Franklin Templeton, VanEck, Invesco Galaxy, and BlackRock—have also submitted their S-1 filings in accordance with the SEC’s announcement.
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