Invesco, Galaxy float latest spot ether ETF proposal

The ETF giant and crypto-native firm forged a partnership in 2021 before filing for a spot bitcoin ETF in June

article-image

BBbirdZ/Shutterstock modified by Blockworks

share

Invesco is the latest fund group to pursue an ETF that would hold ether directly. 

The fund giant, which manages nearly $1.6 trillion in assets, shared plans for its Invesco Galaxy Ethereum ETF in a Friday filing. 

Galaxy Digital Funds is set to to serve as execution agent for the proposed ETF and facilitate the sale of ether by the trust, the disclosure notes.

Unlike various ether futures ETFs expected to launch in the coming days, the Invesco Galaxy Ethereum ETF would hold ether directly — mirroring other proposals made this month. 

Ark Invest and 21Shares revealed plans for a spot ether ETF on Sept. 6. VanEck, which first filed for a spot ether ETF in 2021, also has an active filing in front of the US Securities and Exchange Commission, while Hashdex seeks a fund that would blend ether futures and spot ether exposures. 

Read more: Ark anticipates win in US crypto ETF battle with ‘deepest’ suite, COO says

People familiar with the filing by Ark Invest and 21Shares said recent developments suggested it was an opportune moment to start expanding conversations around ether products. That disclosure came about a week after Grayscale Investments won a court case against the SEC in what many segment watchers called a victory for the broader crypto space. 

Invesco is not new to the digital assets realm.

Perhaps best known for its QQQ ETF that invests in Nasdaq 100 companies, Invesco partnered with Galaxy Digital in September 2021 to create physically backed crypto ETFs. 

“We believe the combination of an institutional, crypto native asset management business alongside a global ETF pioneer will drive the entire crypto space forward,” Steve Kurz, Galaxy’s head of asset management, said at the time. 

Invesco was among the fund groups that filed for a spot bitcoin ETF in June just days after asset management giant BlackRock jumped into the race

Though spot crypto ETFs trade in a number of other countries, the SEC has never allowed such funds to launch in the US. The securities regulator on Tuesday extended its deadline to rule on the Ark 21Shares Bitcoin ETF to Jan. 10. 

Spokespeople for Invesco and Galaxy declined to comment. 


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

kamino cover.jpg

Research

Kamino has solidified its position as the leading money market on Solana and is emerging as a DeFi bluechip. Although DeFi competition is fierce, Kamino has kept iterating on its product to provide the best-in-class UX, paired with a robust risk management framework and battle-tested infrastructure. Given the rollout of Kamino Lend V2, the protocol may scale aggressively over the coming months, penetrating previously untapped markets in Solana DeFi.

article-image

Why that the bull market might not start until 2025

article-image

August’s annual headline figure came in at 2.3% after an upward revision Thursday, so things are moving in the right direction 

article-image

MSTR’s stock price was roughly $248 at 2 pm ET Thursday

article-image

Ever since rates came off zero and fiscal deficits exploded, markets have started paying close attention to how the government is funding itself

article-image

Solana memecoins are collectively at an all-time high

article-image

Optimistic rollups like Optimism, Arbitrum and Base are seeing rapid adoption relative to zk rollups