WisdomTree Becomes Second to File for Ethereum ETF in the US

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In Brief
  • Asset manager WisdomTree has filed for an Ethereum ETF with the U.S. Securities and Exchange Commission (SEC).

  • WisdomTree already filed for a bitcoin (BTC) ETF in the U.S., and is the second to do so for an ETH ETF.

  • Meanwhile, both BTC and ETH ETFs are currently available in Canada.

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Asset manager WisdomTree has filed for an Ethereum (ETH) exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC).

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The WisdomTree Ethereum Trust would list on the Cboe BZX Exchange, though the ticker symbol has yet to be determined. According to the filing, the ETH ETF currently lacks a crypto custodian.

New Ethereum ETF filing

The fund would offer WisdomTree clients exposure to the crypto asset, without actually having to own any themselves.

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The fund will hold ether, which will be valued daily according to the CF Ether-Dollar U.S. Settlement Price. This is an independently calculated value based on an aggregation of executed trade flow of major ether spot exchanges. 

WisdomTree had already filed for a bitcoin (BTC) ETF with the U.S. regulator earlier in March. With the filing of the ETH ETF, WisdomTree becomes the second asset manager looking to offer the product, after VanEck

Approval of either could see Ethereum investments become more readily available to U.S. retail traders. 

Canada’s crypto ETFs

The SEC has yet to approve a single BTC ETF, let alone an ETH equivalent. However, Canadian regulators have moved much more swiftly to offer both products.

For instance, Canada’s largest digital asset manager 3iQ launched its BTC ETF on the Toronto Stock Exchange back in April. Meanwhile, Purpose Investments launched the first BTC ETF in North America all the way back in February. According to its prospectus, “Big Four” advisory Ernst and Young will audit the ETF. 

Canada is also ahead in offering ETH ETFs as well. Yet again the trailblazer for crypto ETFs, Purpose Investments started offering the first ETH ETF in the world in April. Ether Capital Corporation assisted the company in this effort as a consultant. Meanwhile, in a competing claim for precedence, CI Global announced it would be the first to release an ETH ETF in February 2021. This launch took place in partnership with Galaxy Digital.

Although as yet unsuccessful in the United States, last month, WisdomTree launched an ETH exchange-traded product in Europe. On April 29, the WisdomTree Ethereum ETP (ETHW) listed on German Börse Xetra and the Swiss Stock Exchange (SIX). 

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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