Any investment offering would be a very small portion of the clients’ total wealth because of the volatility, while options include investing through third party investment vehicles.
If approved, the VanEck Ethereum Trust would hold Ether and value its shares daily based off the MVIS CryptoCompare Ethereum benchmark rate, according to a filing with the SEC.
For those who can stomach the price swings, the threat of exchange hacks and the byzantine market structure, complex fast-money trades are offering an alternative way to ride the digital mania.
While its meteoric rise mirrors that of Bitcoin, crypto purists fear it’s a distraction from their grand project of deploying blockchain technology to revolutionize modern finance with everything from decentralized currencies to tokenized art.
The same people that were bidding up GameStop Corp., Tilray Inc. and the hundreds of SPACs that hit the market have moved more of their bets to cryptocurrencies.
The SEC said in a filing Wednesday that the agency is pushing its decision on whether to “approve or disapprove, or institute proceedings to determine whether to disapprove” the structure to June 17.