WisdomTree follows the lead of VanEck, files for an ETH ETF
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WisdomTree follows the lead of VanEck, files for an ETH ETF

Saudu Clement
Saudu Clement

Following an earlier Ethereum ETF filing by VanEck with the U.S. Securities and Exchange Commission (SEC), WisdomTree has become the second firm seeking to launch an Ethereum product.

According to a new S-1 filling with the SEC, WisdomTree is seeking to launch an Ethereum exchange-traded fund on U.S. soil. The product (WisdomTree Ethereum Trust) will be listed on CBOE BZX U.S. Equities exchange, the same platform where the company plans to list shares of its proposed Bitcoin ETF.

The ETF will give investors exposure to the price of Ethereum with shares priced by the Ether-Dollar US Settlement. An excerpt from the filing reads:

As the Shares are listed on the Exchange, investors can indirectly invest in a portfolio comprised of ether through a traditional brokerage account. The Trust provides investors with the opportunity to access the market for ether through a traditional brokerage account without the potential barriers to entry or risks involved with holding or transferring ether directly, acquiring it from an ether exchange, or mining it.

To date, the SEC is yet to approve any crypto ETF, with many applications stopping short of approval. Meanwhile, Canadian regulators have okayed several Bitcoin and Ethereum ETFs.