ProShares and Bitwise Join VanEck as Ethereum Futures ETFs Begin Trading

Global investment manager VanEck recently announced that their Ethereum Strategy ETF fund, EFUT, is now available for trading. This development marks a significant milestone for the cryptocurrency industry, as it introduces the first-ever exchange-traded funds (ETFs) based on Ethereum futures in the United States.

The VanEck Ethereum Strategy ETF (EFUT) aims to achieve capital appreciation by investing in Ethereum futures contracts. It offers exposure to Ether-linked investments through an exchange-traded instrument, although it does not directly invest in Ethereum or other digital assets. The fund officially became effective on September 29, 2023, and is now open for trading.

ProShares and Bitwise Join VanEck as Ethereum Futures ETFs Begin Trading

What sets VanEck’s Ethereum ETF apart is its commitment to supporting Ethereum development. The company has pledged to donate 10% of the ETF’s profits to Protocol Guild, a grassroots funding initiative that supports more than 150 individuals critical to maintaining Ethereum’s core protocol for at least a decade.

This development also coincides with ProShares and Bitwise, among others, launching their own Ethereum futures-based ETFs. The introduction of these investment vehicles comes after years of efforts by firms to establish ETFs centered around Ethereum, the second-largest cryptocurrency by market capitalization.

The launch of these ETFs is a significant achievement for the cryptocurrency industry, especially considering that the U.S. Securities and Exchange Commission (SEC) had previously not allowed such funds to trade. This marks a new era for crypto investment opportunities, allowing investors to gain exposure to Ethereum’s price movements through regulated ETFs.

As of the time of writing, both Bitcoin and Ethereum prices have seen positive gains at the start of October. Ethereum (ETH) was up by 2% in the last 24 hours, trading at $1,712.

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