ProShares Submits Proposal for Ether ETF Listing on NYSE
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ProShares Advances Ethereum ETF Proposal
ProShares, a prominent American financial services company, has taken a significant step toward expanding cryptocurrency exposure by submitting a proposal to the United States Securities and Exchange Commission (SEC). The proposal is to list its forthcoming spot Ethereum exchange-traded funds (ETFs) on the New York Stock Exchange (NYSE).
In preparation for this ETF launch, ProShares has selected Coinbase Custody as its custodian. This decision underscores ProShares’ commitment to establishing robust infrastructure and compliance measures within the cryptocurrency investment space.
Notably, ProShares excluded Ethereum staking features from its 19b-4 filing to comply with the SEC’s demands. This decision comes in light of the SEC’s stance on staking, which has caused legal actions against companies like Kraken and Coinbase over allegations of offering unregistered staking services in the United States.
Unlike direct Ether holders, investors in spot Ethereum ETFs cannot earn additional rewards from their holdings. The SEC is expected to review and decide regarding ProShares’ ETF application within 45 days of submission, possibly 90 days if necessary. This timeline suggests that feedback from the regulator could be out as early as July.
ProShares Launches Ether Futures ETFs
In parallel to its ETF proposal, ProShares introduced two new Ether-linked futures ETFs on June 4, providing investors with alternative avenues for exposure to Ether’s price movements. The ProShares UltraShort Ether ETF (ETHD) and the ProShares Ultra Ether ETF (ETHT) began trading on the NYSE on Friday, June 7.
Michael L. Sapir, the CEO of ProShares, expressed optimism about the new products, highlighting their potential to enable investors to profit from Ether price fluctuations or hedge their Ether exposure effectively.
Litecoin’s Active Addresses Surpass Ethereum
Meanwhile, recent on-chain data shows that Litecoin (LTC) has surpassed Ethereum regarding active addresses. The data further revealed that Litecoin’s active addresses increased by 75%, outpacing Ethereum’s by over 100,000 active addresses.
This surge underscores Litecoin’s growing adoption and utility in the competitive digital currency ecosystem. The rise in active addresses is accompanied by a substantial increase in daily transactions on the Litecoin network, peaking at 426,000 transactions daily.
This surge in transaction volume further solidifies Litecoin’s position as a preferred choice for digital transactions. Litecoin was introduced in 2011 by former Google engineer Charlie Lee to address Bitcoin’s scalability issues.
Why Litecoin’s Transaction Speeds is faster than Bitcoin’s
One key factor contributing to Litecoin’s faster transaction speeds is its modified hashing algorithm, Scrypt. This algorithm enables quicker block confirmations than Bitcoin’s SHA-256 algorithm, resulting in more instantaneous transaction processing times.
Moreover, the introduction of Inscriptions has transformed Litecoin from a mere payment protocol to one with smart contract capabilities, further enhancing its appeal. Due to its strong fundamentals, financial analysts project a positive outlook for Litecoin’s native token (LTC).
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