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VanEck’s Ethereum ETF Fund is Now Available for Trading

VanEck, a prominent global investment manager, has launched the Ethereum Strategy ETF fund, named EFUT. The fund, now available for trading since Sept. 29, 2023, aims for capital appreciation by investing in Ethereum futures contracts. Notably, it will not invest directly in Ethereum or other cryptocurrencies.

This new offering marks a crucial advancement for the crypto sector. Over the weekend, VanEck expressed its commitment to Ethereum’s growth, pledging to contribute 10% of EFUT ETF’s profits to Protocol Guild. This organization funds over 150 individuals vital to maintaining Ethereum’s core protocol. The commitment is set to last for at least a decade.

The introduction of Ethereum-based exchange-traded funds (ETFs) in the U.S. represents the culmination of persistent efforts by various companies to create investment instruments focused on Ethereum (ETH), the world’s second-largest digital asset. Alongside VanEck’s recent launch, other firms like ProShares and Bitwise have announced their Ethereum ETFs, set to begin trading soon.

This development is particularly significant, considering past reluctance by the U.S. Securities and Exchange Commission (SEC) to approve such trading instruments. As a testament to the positive momentum, Ethereum’s price has risen, with ETH increasing by 2% over the past day, reaching a value of $1,712.

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Tommy Crush

Tommy is a dynamic and promising voice in the world of cryptocurrency writing, with a year of dedicated experience that has already left a significant mark. Born with an innate curiosity and a passion for emerging technologies, Tommy quickly found their niche in the thrilling realm of digital currencies and blockchain technology. His journey into the world of cryptocurrencies began as a personal exploration, but it wasn't long before they realized their talent for translating complex concepts into accessible, engaging prose. In just a short span of one year, Tommy has become a trusted source for readers seeking clear and insightful explanations of the ever-evolving crypto landscape. They have a remarkable ability to break down intricate blockchain mechanisms, decentralized finance (DeFi) protocols, and the latest trends in the market, making this complex subject matter approachable to both newcomers and experienced enthusiasts. Tommy remains committed to providing readers with accurate, insightful, and well-researched content that demystifies the world of cryptocurrencies. With an insatiable hunger for knowledge and a genuine passion for the subject matter, He is poised to be a driving force in shaping the future of crypto journalism. In their spare time, Tommy enjoys watching football, read news and believes in the power of blockchain technology to revolutionize industries far beyond finance. With a bright future ahead, Tommy invites you to join them on their crypto journey as they continue to explore, learn, and share their insights with the world.
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The information provided herein is for general informational purposes only and does not constitute financial advice, investment advice, or any other form of professional advice.