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Ethereum eyes to hit new all-time high as VanEck files for first Ether ETF in U.S.

VanEck, which currently has proposed Bitcoin ETF under review by the SEC, seems to have taken an advantageous move in the case of Ethereum.

SNS | New Delhi |

The world’s second major cryptocurrency, Ethereum (ETH) was trading four per cent higher on Saturday and is eyeing to hit a new all-time high of $3,600.

At 2.48 p.m. ETH was trading 4 per cent higher at $3,564.56 with a market cap of over $413 billion, data on Coingecko showed.

The recent surge in Ethereum’s value comes on the back of the reports that stated asset manager VanEck on Friday filed for the first Ethereum exchange-traded-fund (ETF) in the U.S. market. This is the first filing for an Ether ETF in the U.S. by a major financial firm.

VanEck, which currently has proposed Bitcoin ETF under review by the SEC, seems to have taken an advantageous move in the case of Ethereum. The Securities and Exchange Commission (SEC) recently postponed its decision on the proposal to next month citing more time for consideration.

If the SEC approves VanEck’s latest proposal then this would be the first Ether ETF in the U.S., but not first in North America as Canadian regulators have already approved a bunch of Ether ETFs.