May 19, 2024
VanEck Ads Hint at Upcoming Ethereum ETF Launch.
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VanEck Ads Hint at Upcoming Ethereum ETF Launch

Investment manager VanEck is gearing up to launch its Ethereum futures exchange-traded fund (ETF), with expectations of a potential October 2nd release. VanEck recently unveiled two TV commercials themed “Enter the Ether,” hinting at the upcoming Ethereum Strategy ETF (tickered EFUT). The ETF will be listed on the Chicago Board Options Exchange and managed by Greg Krezner, VanEck’s Head of Active Trading.

Bloomberg ETF analysts Eric Balchunas and James Seyffart suggest that these TV ads indicate Ethereum futures ETFs could become available sooner than initially anticipated. Seyffart anticipates that VanEck’s new ETF will launch on Monday, despite a document from September 29th stating it won’t take effect for another 60 days. He notes, “Our understanding is that the SEC is accelerating approvals for these things.”

The first “Enter the Ether” advertisement is a short, quirky 15-second video featuring five actors with deadpan expressions and unusual alien-like music in the background. One actor states, “Ethereum. Now in an ETF form. Coming soon,” while another adds, “Oh and HODL or Fork Off,” before the “Enter the Ether” message appears.

The second ad is more straightforward, running for 30 seconds and suggesting that a “shift” is imminent, with Ethereum’s gravitational pull drawing everyone in. Balchunas expects heightened marketing efforts from ETF issuers as ETFs are approved, especially when spot Bitcoin ETFs receive the green light. He predicts an unprecedented marketing war as multiple ETFs launch simultaneously.

Meanwhile, financial services firm Valkyrie announced its plans to offer exposure to Ether through its existing Bitcoin Strategy ETF, becoming one of the first firms to do so amid several pending applications with the U.S. Securities and Exchange Commission.

On September 28th, Seyffart speculated in an X post that the SEC might allow several Ethereum futures ETFs to go live next week, possibly prompted by an imminent U.S. government shutdown.

Currently, there are 15 Ether futures ETFs from nine issuers competing for launch approval.

Image by vectorjuice on Freepik

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