HomeEthereumARK Invest and 21 Shares remove staking feature from their most recent...

ARK Invest and 21 Shares remove staking feature from their most recent Ethereum ETF filing

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Spot Ether ETF Proposal from ARK Invest and 21Shares Will Not Include Staking

The highly anticipated spot ether exchange-traded fund proposal from Cathie Wood’s ARK Invest and 21Shares has taken an unexpected turn. The latest update reveals that the proposal will not include staking, a feature that was initially included in a previous filing.

This development has sparked speculation among experts, with Bloomberg ETF analyst Eric Balchunas suggesting that the removal of staking could be a strategic move to streamline the documentation for SEC approval. However, the reasoning behind this decision remains unclear, as there have been no official comments from the regulatory body.

ARK Invest and 21Shares, the entities behind the proposal, have not provided any further clarification on the matter. The spot ether ETF, which aims to provide direct exposure to ether and trade on the Cboe BZX Exchange, has been in the works since September. With 21Shares as the sponsor, Delaware Trust Company as the trustee, and Coinbase Custody Trust Company as the ether custodian, the proposal has garnered significant attention in the crypto community.

Despite the initial optimism surrounding the SEC’s approval of spot ether ETFs, recent events have cast doubt on the likelihood of a successful outcome. Balchunas, in particular, has revised his estimate of approval chances, signaling a more cautious approach to the regulatory process.

As the industry awaits further developments, the fate of the spot ether ETF proposal remains uncertain. Stay tuned for updates on this evolving story.

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