Cathy Wood’s ARK Invest Files for First Spot Ether ETF

Asset managers ARK Invest and 21Shares have applied for regulatory approval for an exchange-traded fund (ETF) that would directly hold ether (ETH), according to a Wednesday filing to the U.S. Securities and Exchange Commission (SEC).

The Ark 21Shares Ethereum ETF is the first attempt to list such a fund in the U.S. that directly invests in ETH, the second largest cryptocurrency by market capitalization.

The fund would custody the assets with Coinbase (COIN) Custody Trust Company.

The news initially sent ether and bitcoin higher, but the rally proved short-lived and both cryptos have returned to prices seen ahead of the filing.

The filing follows a slew of applications for a much-coveted spot bitcoin ETF, including a joint attempt from Ark and 21Shares. The SEC last week delayed decision on all of those applications.

The filing also comes ahead of what’s expected to be SEC approval of the first futures-based ether ETF. A decision from the SEC is expected on or before mid-October.