Ark Invest and 21Shares have filed a proposal with the Securities and Exchange Commission (SEC) for the establishment of a spot ether exchange-traded fund (ETF). This is the first attempt to bring such a product to the US market. The move comes as the SEC is already considering spot bitcoin ETFs and ether futures funds. The filing reflects the growing interest in expanding conversations around ether products, given the recent market developments. While this application was somewhat expected, if approved, it could pave the way for other issuers to enter the race for spot ether ETFs.

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