Ark Investment withdraws from Ethereum spot ETF competition, 21Shares says it will continue to move forward

Cathie Wood's Ark Investment Management withdraws from the Ethereum spot ETF race. According to an amended prospectus (or S-1) filed with the U.S. SEC late Friday, Ark's name has been removed from the Ethereum spot ETF application submitted by Ark in cooperation with 21Shares. The name of the fund has been changed from Ark 21Shares Ethereum ETF to 21Shares Core Ethereum ETF. "At this time, ARK will not proceed with the Ethereum ETF. We will continue to evaluate effective ways to expose our investors to this innovative technology and fully utilize its advantages," an ARK spokesperson said via email. Prior to this, Ark partnered with 21Shares to become one of the 11 U.S. issuers that successfully launched a spot Bitcoin ETF earlier this year. 21Shares said in a statement: “We are enthusiastic about the recent SEC 19b-4 approval (of the Ethereum Spot ETF) and are committed to increasing access to cryptocurrency as an asset class for U.S. investors. 21Shares and ARK remain committed partners for the ARK 21Shares Bitcoin ETF, which launched in January, as well as our existing lineup of futures products.” (Bloomberg)