On Friday, VanEck filed for the first ethereum ETF in the U.S., a companion application to their bitcoin ETF filing currently under review by the SEC.
That application, whose ruling has been pushed back until June at the latest, is one of 8 total bitcoin ETFs before the Committee.
See also: The Race to the First Bitcoin ETF
The proposed VanEck Ethererum Trust, which would trade on the Cboe, would track the MVIS CryptoCompare Ethereum Benchmark Rate, an index developed by a VanEck affiliate that bears a lot of similarity to the rate underpinning VanEck’s potential bitcoin ETF.
The benchmark would aggregate median prices from the most liquid, lowest risk five Ethereum exchanges worldwide. These prices would then be weighted by volume.
The five starting exchanges include Bitstamp, Coinbase, Gemini, itBit, and Kraken. Adjustments to the exchange line-up are made twice yearly.