Asset manager VanEck has filed for an Ethereum Exchange-Traded Fund, according to an S-1 filing with the U.S. Securities and Exchange Commission. The company currently has a proposed Bitcoin ETF under review from the regulatory agency. If approved, the VanEck Ethereum Trust would list the Ether shares on the Cboe BZX Exchange.

VanEck Files for Ethereum Exchange-Traded Fund

Asset manager VanEck is seeking regulatory approval to launch an Ethereum exchange-traded fund in the United States. The firm’s Bitcoin ETF application is currently under review by the U.S. Securities and Exchange Commission (SEC).

If approved, the VanEck Ethereum Trust would hold Ether and value its shares daily based on the MVIS CryptoCompare Ethereum benchmark rate.

VanEck intends to work with Cboe BZX Exchange on the offering. The same exchange will be providing support for VanEck’s proposed bitcoin ETF.

Currently, the U.S. SEC has postponed any decision on VanEck’s Bitcoin ETFs proposal to next month. The regulatory agency is yet to approve any ETF in the country.

If the Ethereum ETF is approved, this would be the U.S.’s first ether ETF, but not the first one in North America.

Canada Leading in the Crypto ETFs Race

VanECk’s Ethereum ETF comes just after three Ether ETFs debuted in Canada last month. The country is currently leading in crypto ETFs with its recent launch of the first Bitcoin ETF.

Remarking on Canada’s speedy approval of Ethereum ETFs, James Seyffart, ETF analyst for Bloomberg Intelligence, says:

“Canada approving Ethereum ETFs so quickly on the heels of Bitcoin ETFs is part of the reasoning for this filing. I don’t see the SEC approving an Ethereum ETF until we have a Bitcoin ETF that has already begun trading. It’s possible that other issuers will follow suit because VanEck has been leading the charge with these filings in the last five months or so.”

The U.S. SEC is yet to approve any cryptocurrency ETF with at least 11 companies looking to launch one. Nine of them have already filed for Bitcoin BTFs by the end of last year that is yet to be approved.