VanEck looking to launch an Ethereum ETF in the US, files application with the SEC

VanEck is relentless over its intention to launch a crypto ETF in the United States. Although the U.S. Securities and Exchange Commission (SEC) is yet to approve its Bitcoin ETF application, the global investment manager has proceeded to file for an Ethereum ETF with the agency.

Earlier on Friday, VanEck sought the approval of the SEC to launch an Ethereum exchange-traded fund. This is the firm’s first Ethereum ETF application, and if successful, it will become the first Ethereum fund to be available on the U.S. stock market.

As reported by BTC PEERS, the firm already has a pending Bitcoin ETF application with the SEC. The most recent update is that the Commission postponed the timeline for its decision to June 17, 2020. But while U.S. regulators are taking their time to approve one of these products, VanEck has already turned to the European market to launch its first exchange-traded fund.

Demand for Ethereum rises

Ethereum has continued to reach new milestones in recent weeks. This has forced some prominent industry players such as Mark Cuban to say that Ethereum could surpass Bitcoin in the long run.

In terms of use case, Ethereum has already flippened Bitcoin. Bitcoin’s primary use case is as a store of value and a medium of exchange. Ethereum, on the other hand, is still the pillar of several DeFi protocols and the NFT marketplace.

With ETH 2.0 on the horizon, the second-largest cryptocurrency by market cap appears to be a very attractive investment.