A global investment manager, VanEck, has announced the upcoming launch of the Ethereum futures exchange-traded fund (ETF), and some analysts believe it could do so as soon as October 2.
On September 28, VanEck launched two advertisements titled “Enter the Ether”, which show their Ethereum strategy, referred to as EFUT, is “coming soon.” The EFUT fund will invest in standardized, cash-settled ETH futures contracts traded on commodity exchanges registered with the CFTC.
Additionally, a press release was released about the upcoming EFUT, stating that Greg Krezner, the head of active trading at VanEck, will oversee it and be listed on the Chicago Mercantile Exchange.
Bloomberg analysts, such as Eric Balchunas and James Seyffart, think the TV advertisements are hinting that this VanEck feature is “happening sooner than expected.”
Despite a document stating it will not go into effect for another 60 days on September 29, Seyffart anticipates VanEck’s new ETF to debut on Monday. “Our understanding is that the SEC is accelerating approvals for these things,” he said.
The first commercial is brief and eccentric, lasting only a few seconds, and it features five actors with stoic faces and odd alien-sounding music. One actor says, “Ethereum. Now in an ETF form. Coming soon,” and another says, “Oh and HODL or Fork Off.” The advertisement ends before the “Enter the Ether” message appears.
The second advertisement seems to be more direct; it is a 30-second spot that warns of an impending “shift” and claims that Ethereum’s gravitational pull “will draw everyone in.”
The press release says that, together with the VanEck Bitcoin Strategy ETF (XBTF), EFUT offers exposure to important digital assets with a futures focus. Like XBTF, EFUT is set up as a C-Corp., which may offer long-term investors a more advantageous tax experience. It also added, “XBTF does not invest in BTC or other digital assets directly.”
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