According to CoinDesk, Ether's price jumped 2% above $2,400 after asset managers Ark Invest and 21Shares amended their joint spot Ethereum exchange-traded fund (ETF) filing. The updated S-1 paperwork filed with the U.S. Securities and Exchange Commission (SEC) brings the ETF more in line with spot bitcoin ETFs that regulators approved last month. The ETF will feature a cash creation and redemption mechanism, which the SEC favored for spot bitcoin ETFs approved in January.
Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, noted that the updated filing includes cash creations and other features that align it with the recently approved spot bitcoin ETF prospectus. The document also added a section about possibly staking ether through one or more trusted third-party staking providers, opening the possibility for the fund to lock up some of its holdings and earn rewards. Following the news, Ether's price advanced nearly 2%, breaking above $2,400 for the first time since January 22. The second-largest crypto by market cap was up 2.4% over the past 24 hours and outperformed the broader cryptocurrency market, with the CoinDesk 20 index that tracks the largest digital assets being up 1.2% and BTC gaining 0.4%.
