Ark and 21Shares no longer cooperate on Ethereum spot ETF! Fee too low?

According to the S-1 form submitted to the SEC on 5/31, the previous Ark 21Shares Ethereum ETF has been renamed 21Shares Core Ethereum ETF, and ARK Invest (ARK) will no longer be associated with 21Shares collaborates on proposed Ethereum spot ETF.

Ark and 21Shares will no longer cooperate on Ethereum spot ETF

According to The Block’s report, a spokesperson for 21Shares confirmed the change, but 21Shares and ARK will continue to cooperate on the Ethereum spot ETF launched in January. ARK 21Shares Bitcoin ETF as well as other existing futures products.

An Ark spokesperson also stated that Ark believes in the transformative potential of Ethereum and the long-term value of the Ethereum blockchain. However, at present, ARK will not promote the Ethereum ETF, but Ark will continue to evaluate effective methods. Providing investors with access to this innovative technology to unlock its full benefits.

Cathie Wood said last week that the Ark21 Shares Bitcoin ETF expense rate is only 0.21%, which will not make any profit, and Ark regards Bitcoin as a "public good." Although the fee rate of the Ethereum ETF was not disclosed in this S-1 filing, according to a tweet from Bloomberg analyst Eric Balchunas, it may be that the fee is too low, which led to Ark’s withdrawal. In addition, 21Shares is now gradually developing in the United States. Launch its own brand (its registered place is Switzerland).

21Shares Core Ethereum ETF Participants

According to the S-1 filing, participants in the 21Shares Core Ethereum ETF include:

Exchange: Cboe BZX Exchange

Sponsor: 21Shares US LLC

Trustee: CSC Delaware Trust Company

Ether Custodian: Coinbase Custody Trust Company, LLC

Trust Manager: New York Mellon Bank

Authorized Participants: Jane Street Capital, LLC, Macquarie Capital (USA) Inc., ABN AMRO Clearing US ALLC and Virtu Americas LLC

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