June 2, 2024 10:15 AM | 2 min read
Cathie Wood’s Ark Investment Management has withdrawn from the race to launch an ETF directly investing in Ether (CRYPTO: ETH).
What Happened: The firm’s name was removed from an application for a spot-Ether ETF filed in collaboration with 21Shares. According to a report by Bloomberg, the fund’s name was changed to 21Shares Core Ethereum ETF from Ark 21Shares Ethereum ETF.
An Ark spokesperson told the outlet, “At this time, ARK will not be moving forward with an Ethereum ETF.” The spokesperson added that Ark will continue exploring ways to expose investors to Ethereum technology.
Earlier this year, Ark and 21Shares successfully launched a spot Bitcoin (CRYPTO: BTC) ETF.
The $3.2 billion ARK 21Shares Bitcoin ETF (ARKB) ranks fourth in assets, trailing BlackRock Inc. (NYSE:BLK)’s $19 billion iShares Bitcoin Trust (IBIT).
Recently, the…
