Galaxy and Invesco Join Growing Ethereum ETF Race - Decrypt
decrypt.co
Galaxy and Invesco Join Growing Ethereum ETF Race
Galaxy and Invesco added their names to the Ethereum spot ETF field on Friday, even as worry of a government shutdown and SEC delays loom. Asset management giant Invesco has teamed up with Mike Novogratz’s Galaxy Digital to apply for an Ethereum (ETH
1 Users
0 Comments
3 Highlights
0 Notes
Summary
Asset management giant Invesco and Mike Novogratz's Galaxy Digital have joined the race to launch an Ethereum spot exchange-traded fund (ETF). They have applied for an ETF that will reflect the performance of the spot price of ether by holding units of the cryptocurrency. Invesco will be the sponsor of the ETF, while Galaxy Digital will act as the execution agent, selling ETH to cover the Trust's expenses. This comes as concerns about a government shutdown and SEC delays continue to loom over the ETF market.
Top Highlights
- Galaxy and Invesco Join Growing Ethereum ETF Race Galaxy and Invesco added their names to the Ethereum spot ETF field on Friday, even as worry of a government shutdown and SEC delays loom.
- Asset management giant Invesco has teamed up with Mike Novogratz’s Galaxy Digital to apply for an Ethereum (ETH) spot exchange-traded fund (ETF), following their joint application for an equivalent Bitcoin (BTC) product in June.
- Per the firm’s S-1 registration statement, the Invesco Galaxy Ethereum ETF will “reflect the performance of the spot price of ether” by holding units of the cryptocurrency with a separate custodian, who is yet to be identified. While Invesco is the sponsor, Galaxy Digital is its “execution agent,” which will sell ETH to pay the Trust’s expenses.
Domain
Ready to highlight and find good content?
Glasp is a social web highlighter that people can highlight and organize quotes and thoughts from the web, and access other like-minded people’s learning.