Ether Tops $2.4K as Cathie Wood's Ark, 21Shares Amend Spot ETH ETF Filing
Summary
Ethereum's native token, ether (ETH), reached a two-week high of over $2,400 after Ark Invest and 21Shares updated their joint spot ETH exchange-traded fund (ETF) filing. The revised S-1 paperwork filed with the U.S. Securities and Exchange Commission (SEC) indicates that the ETF will feature a cash creation and redemption mechanism, which the SEC favored for spot bitcoin ETFs approved in January. The filing also introduced the possibility of staking ether through trusted third-party staking providers, allowing the fund to secure some of its holdings and earn rewards. Following the news, ETH's price increased nearly 2% within an hour, outperforming the broader cryptocurrency market.
