Difference between Web 1.0, 2.0, 3.0 & 4.0 – ARK Invest & 21Shares File for Spot Ether ETF

ARK Invest Proposes an Investment Vehicle With Exposure to Ether

The United States Securities and Exchange Commission (SEC) has delayed a decision on ARK Investment Management’s proposed Bitcoin exchange-traded fund (ETF). In response, ARK Invest and 21Shares have submitted a filing to the SEC requesting approval of the listing of shares of a spot Ether (ETH) ETF on the Cboe BZX Exchange. This investment vehicle, called the ARK 21Shares Ethereum ETF, will be monitored by crypto exchange Coinbase and will track the performance of Ether based on the Chicago Mercantile Exchange CF Ether-Dollar Reference Rate.

This is one of many crypto ETFs under review by the SEC. After asset manager Grayscale successfully appealed the SEC’s decision to reject its Bitcoin Trust ETF, many firms have expressed optimism for regulatory approval. On Aug. 31, the SEC announced a delay in deciding whether or not to approve or deny seven spot Bitcoin ETF applications, including BlackRock’s. ARK Invest and 21Shares’ spot Bitcoin ETF is not included in the delay and its decision is due by Nov. 11.

In 2021, ARK Invest and 21Shares have made their third attempt to introduce a Bitcoin ETF. In addition, two ETH futures ETFs have also been proposed by the firms, which have been granted approval by the SEC.

The news of the ETF filing caused the ETH price to jump, increasing by 3% from $1,623 to $1,669, before returning to its original value of $1,620 – $1,640.

Web 3.0, also referred to as the metaverse, is the next generation of online business. It is a significant improvement over Web 1.0, 2.0, and 3.0, and some of the best companies utilizing this technology are Coinbase.