The news that investors and the market have been waiting for has arrived and VanEck has launched an Ethereum futures ETF.
According to VanEck’s website, the Ethereum Futures ETF launch date is today, October 2, 2023.
Today, VanEck launched the Ethereum Strategy ETF (EFUT), a unique new actively managed ETF designed to generate capital gains by investing in Ether (ETH) futures contracts, Businesswire reports.
VanEck Digital Asset Product Director Kyle DaCruz said the following in a statement:
“Ethereum is a layer 1 building block of a decentralized application ecosystem, driving innovation in digital currencies, global payments, smart contracts and more, with Ethereum as the platform’s method of exchange.
“At this time, we are thrilled to launch a digital asset via spot ETF product in the US as a way to access the strong futures market that has developed around ETH.”
“Experience is important when choosing a fund manager, and VanEck has a long history of investing in global markets and through different market cycles. Our legacy of offering investors access to important new segments of capital markets continues with the launch of EFUT,” said Ed Lopez, Head of Product Management at VanEck. “We are pleased to introduce the new ETF EFUT to the market and provide the building block for a diversified portfolio of digital assets for individuals and advisors.” He said.
The price of Ethereum (ETH) was seen to be unresponsive after hearing the news. ETH continues to trade at $1732 at the time of writing.