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The Securities and Exchange Commission has approved WisdomTree’s application for an Ethereum (ETH) exchange-traded fund (ETF) (SEC).

The WisdomTree Ethereum Trust would be listed on the Cboe BZX Exchange, with an undetermined ticker symbol. The ETH ETF currently lacks a crypto custodian, according to the filing.

A new Ethereum ETF has been filed

The fund would provide WisdomTree clients exposure to cryptocurrency without requiring them to own any.

The fund will invest in ether, which will be evaluated daily using the CF Ether-Dollar U.S. Settlement Price. This is a figure derived independently based on an aggregation of executed trade activity from the biggest ether spot exchanges.

WisdomTree has already applied for a bitcoin (BTC) ETF with the U.S. Securities and Exchange Commission in March. With the filing of the ETH ETF, WisdomTree joins VanEck as the second asset manager interested in offering the product.

If either is approved, Ethereum assets could become more accessible to U.S. retail traders.

Crypto ETFs in Canada

The Securities and Exchange Commission (SEC) has yet to approve a single BTC ETF, let alone an ETH counterpart. On the other hand, Canadian regulators have moved considerably more quickly to allow both medicines to be offered.

In April, 3iQ, Canada’s largest digital asset management, debuted its BTC ETF on the Toronto Stock Exchange. Purpose Investments, on the other hand, established the first BTC ETF in North America in February. According to its prospectus, Ernst & Young, a “Big Four” consultancy firm, will audit the ETF.

Canada is likewise ahead of the game when it comes to ETH ETFs. Purpose Investments, once again a forerunner for crypto ETFs, launched the world’s first ETH ETF in April. Ether Capital Corporation acted as a consultant for the company during this process. Meanwhile, CI Global claimed that it would be the first to launch an ETH ETF in February 2021 to gain a competitive advantage. This launch was made possible by a collaboration with Galaxy Digital.

WisdomTree introduced an ETH exchange-traded product in Europe last month, despite its failure in the United States. The WisdomTree Ethereum ETP (ETHW) was listed on the German Börse Xetra and the Swiss Stock Exchange on April 29.

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