The Delaware-based Kryptoin Investment Advisors has filed for an Ethereum ETF Trust with the U.S. Securities and Exchange Commission (SEC).
According to an Aug. 12 filing, the Kryptoin Ethereum ETF Trust will not buy or sell ETH directly. When it sells or redeems its shares, it will do so in baskets of 100,000 shares at the Trust’s net asset value (NAV).
As per the ETH ETF filing:
“Kryptoin Ethereum ETF Trust (the “Trust”) is an exchange-traded fund that issues common shares of beneficial interest that trade on the Cboe BZX Exchange, Inc. (the “Exchange”). The Trust’s investment objective is to provide exposure to Ethereum at a price that is reflective of the actual Ethereum market where investors can purchase and sell Ethereum, less the expenses of the Trust’s operations. In seeking to achieve its investment objective, the Trust will hold Ethereum (or “ETH”), and in seeking to ensure that the price of the Trust’s shares is reflective of the actual ETH market, the Trust will value its shares daily as determined by the CF Ether-Dollar US Settlement Price (the “Reference Rate”), which is an independently calculated value based on an aggregation of executed trade flow of major ETH spot exchanges. The Trust is sponsored and managed by Kryptoin Investment Advisors LLC (the “Sponsor”). All ETH will be held at Gemini Trust Company, LLC (the “Custodian”). The Sponsor has carefully selected the Custodian, a trust company that is chartered as a limited purpose trust company by the New York State Department of Financial Services (“NYDFS”) and is authorized by the NYDFS to provide digital asset custody services.”
If approved, Kryptoin’s Ethereum ETF would be listed on the Chicago Board Options Exchange (Cboe) and hold Ethereum (ETH) via custodian Gemini Trust Company, LLC.
Kryptoin has filed a Bitcoin ETF from 2019 and amended its 2019 filing in April, but the SEC opted to delay its decision in June. According to James Seyffart, the Bloomberg ETF research analyst, there have been a total of 21 crypto ETF applications this year.
But, until now, the SEC has not approved any Crypto ETF in the United States to date.
Read more:
- VanEck Has Submitted A Bitcoin Strategy ETF That Is Likely To Be Finally Approved
- Victory Capital Filed With The SEC To Launch A New Crypto ETF Based On The NASDAQ Crypto Index