ARK Invest Declines Participation in Ethereum ETF, Focuses on Core Products

ARK Invest, the renowned investment firm led by Cathie Wood, has recently announced its decision to refrain from participating in the immediate trading of Ethereum ETFs. Instead, the company will concentrate on its core products. This news comes amidst positive developments in the spot trading of Ethereum ETFs, which received approval on May 23.

Of particular significance is the suspension of ARK Invest’s plans for an immediate Ethereum ETF. An ARK spokesperson stated that they will explore better opportunities for their investors. This decision marks a shift in focus for the company.

At present, ARK will not proceed with the deployment of the Ethereum ETF. They will continue to evaluate efficient ways to provide their investors with access to this cutting-edge technology, maximizing its benefits.

As a result, 21Shares has updated its S-1 filing for their Ethereum product, removing ARK Invest as a partner. Additionally, the proposal has been altered from Ark 21Shares Ethereum ETF to 21Shares Core Ethereum ETF.

ARK Invest had previously collaborated with 21Shares to gain regulatory approval for the launch of a Bitcoin ETF. The two asset management companies expanded their partnership and registered to offer immediate trading of Ethereum ETFs in September of last year. However, at that time, the SEC’s decision regarding Bitcoin ETFs was still pending.

Following SEC approval in January, their Bitcoin ETF named ARK 21Shares Bitcoin ETF (ARKB) commenced trading on CBOE on January 11. As of May 31, ARKB held approximately $3.2 billion worth of Bitcoin (BTC).

While ARK has temporarily postponed its Ethereum ETF plans, the company remains committed to collaborating with 21Shares on the Bitcoin ETF. ARK and 21Shares continue to be partners on the ARK 21Shares Bitcoin ETF, launched in January, as well as on our existing product line.

Experts predict that Ethereum ETFs may become operational in June.

Source: ARK Invest từ chối tham gia Ethereum ETF giao ngay, tập trung vào sản phẩm chính