Ark Invest leaves Ether ETF competition, while 21Shares rebrands the fund

Cathie Wood’s Ark Investment Management withdrew from the race for the launch of a Spot Ether Exchange-Traded Fund (ETF). Its name has been removed from its application submitted to 21Shares.

21Shares filed an updated application with the Securities and Exchange Commission for its Ethereum spot-ETF, changing the name of this fund from Ark 21Shares Ethereum to 21Shares core Ethereum.

Ark Invest also terminated its partnership with 21Shares in relation to this ETF.

You can also find out more about the following: amended The fees are not changed on the Form S-1. Despite accepting Ethereum’s long-term potential, a Ark Invest representative refused to acknowledge its value. confirmed It was announced that the company decided against launching an Ether ETF citing the need to evaluate its investment strategy.

The decision will not impact the collaboration that is ongoing between 21Shares, ARK Invest and other projects such as the ARK 21Shares. Bitcoin ETF launched In January,

Early this year Ark and 21Shares teamed up To launch one of eleven spot-Bitcoin exchange traded funds in the U.S. Ark 21Shares Bitcoin Trust, a $19 billion BlackRock Inc. iShares Bitcoin Trust is the largest Bitcoin Trust in terms of both assets and flows.

Delaware Trust Company acted as trustee in their partnership with 21Shares.

Coinbase Custody Trust Company secures the Ether assets while ARK Investment Management acted a as a subadviser, responsible for marketing shares to investors.

This week the U.S. Securities and Exchange Commission announced that it has a new spokesman approved 19b-4 forms For eight Ethereum ETFs. Trading can only begin once the S-1s of all eight Ethereum ETFs are effective.

“We are enthusiastic about the SEC’s recent 19b-4 approval and are committed to increasing access to crypto as an asset class for U.S. investors,” 21Shares stated in a press release.