thetradingbay

VanEck’s Ethereum Strategy ETF (EFUT) Now Live for Trading

vaneck

Global investment manager VanEck has announced the exciting launch of the Ethereum Strategy ETF fund, EFUT, which is now available for live trading. This ETF aims to achieve capital appreciation by investing in Ethereum futures contracts. While it provides exposure to Ether-linked investments through an exchange-traded instrument, it is important to note that EFUT does not directly invest in Ethereum or other digital assets. VanEck’s Ethereum ETF fund became effective on September 29, 2023, marking a significant milestone for the entire cryptocurrency industry.

VanEck’s Commitment to Ethereum Development

In a move that underscores its support for Ethereum’s development, VanEck has revealed plans to donate 10% of the EFUT ETF profits to Protocol Guild. This grassroots funding initiative supports over 150 individuals who are crucial to the maintenance of Ethereum’s core protocol, and this commitment is set to extend for a minimum of 10 years. This commitment to Ethereum’s ecosystem adds an extra layer of significance to the launch of EFUT.

In another pivotal development, the United States is witnessing the launch of its first-ever exchange-traded funds (ETFs) based on Ethereum futures. This marks the culmination of a years-long effort by various firms to create investment vehicles centred on Ethereum, the second-largest digital asset in the cryptocurrency market. ProShares, Bitwise, and other market players are poised to introduce their Ethereum-focused funds alongside VanEck’s Ethereum futures fund, which commenced trading on the same day.

The approval and launch of Ethereum futures ETF’s in the United States represent a significant victory for the cryptocurrency industry. Previously, the U.S. Securities and Exchange Commission (SEC) had been reluctant to allow such funds to trade. This development opens up new investment opportunities and avenues for market participants, further legitimizing the cryptocurrency space on a mainstream level.

Positive Start to October for Bitcoin and Ethereum

In addition to these groundbreaking developments, the cryptocurrency market is experiencing a positive start to October. Both Bitcoin and Ethereum are witnessing price increases. These price movements underscore the ongoing interest and optimism surrounding cryptocurrencies as they continue to capture the attention of investors and enthusiasts alike.

Recommended

Meme Coins
Ethereum
Bitcoin
Bitcoin
Ethereum
You might also like
Meme Coins
Ethereum
Bitcoin
Bitcoin
Ethereum
Bitcoin