Kryptoin Investment Advisors filed a proposal with the U.S. Securities and Exchange Commission (SEC) on Thursday for an ether exchange-traded fund (ETF).
- The Delaware-based firm said in its proposal that the Kryptoin Ethereum ETF Trust's "investment objective" would be "to provide exposure to Ethereum at a price that is reflective of the actual Ethereum market where investors can purchase and sell Ethereum."
- Kryptoin said the trust "will not purchase or sell ether directly, although the Trustee may sell ether to pay certain expenses. Instead, when it sells or redeems its shares, it will do so in 'in-kind' transactions in blocks of 100,000 shares."
- The SEC has been reviewing Kryptoin's application for a bitcoin ETF. The company first submitted a bitcoin ETF proposal in October 2019.
- The agency is weighing multiple crypto applications, but none has met muster in the U.S.
- VanEck filed for a similar ETH vehicle in May.
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