The world’s largest asset manager, BlackRock, has revealed its plans to launch a spot Ether exchange-traded fund (ETF) that will allow investors to gain exposure to ETH without managing their own private keys.

Global financial services firm UBS Group is opening up its platform to a selection of more affluent clients who want to trade crypto-linked ETFs in Hong Kong. This move follows rival firm HSBC, which also started offering crypto-related products in the city.

The investment management firm led by Cathie Wood, ARK Invest, has teamed up with exchange-traded product (ETP) provider 21Shares to launch a new range of digital asset ETFs in a move meant to provide a “robust set of options” for investors.

Top stories in the Crypto Roundup today:

• BlackRock Files to Launch Spot Ethereum ETF
• UBS to Let Wealthy Clients in Hong Kong Trade Crypto ETFs
• ARK Invest and 21Shares Partner to Launch New Digital Asset ETFs
• Chart of the Week: Asset Baskets Record Yearly Highs

BlackRock Files to Launch Spot Ethereum ETF

The world’s largest asset manager, BlackRock, has revealed its plans to launch a spot Ether exchange-traded fund (ETF) that will allow investors to gain exposure to ETH without managing their own private keys.

The move shows BlackRock’s growing interest in the digital currency space and helped the price of the second-largest cryptocurrency by market capitalization top $2,100. It was revealed in a filing by Nasdaq, the exchange where BlackRock is looking to list the spot Ether ETF.

The filing came shortly after news emerged that BlackRock recently registered an entity called iShares Ethereum Trust in Delaware. iShares is BlackRock’s ETF division, and made a similar registration for an iShares Bitcoin Trust before applying to list a spot Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC).

Nasdaq-listed cryptocurrency exchange Coinbase would act as the custodian for the ETH in the ETF, while an undisclosed party would manage its cash holdings. Coinbase would also be its market surveillance partners, an agreement seen as critical for the SEC to potentially approve the ETF.

Ethereum futures ETFs have been traded in the US since last October, but their trading volume has been somewhat lackluster.

UBS to Let Wealthy Clients in Hong Kong Trade Crypto ETFs

Global financial services firm UBS Group is opening up its platform to a selection of more affluent clients who want to trade crypto-linked ETFs in Hong Kong. This move follows rival firm HSBC, which also started offering crypto-related products in the city.

UBS’s wealthy clients will reportedly have access to three futures ETFs that track the prices of Bitcoin and Ether, the two largest cryptocurrencies by market capitalization. The three ETFs are the Samsung Bitcoin Futures Active ETF, the CSOP Bitcoin Futures ETF and the CSOP Ether Futures ETF, all of which are approved by Hong Kong’s Securities and Futures Commission (SFC).

The three ETFs together possess assets worth around $72 million and have been available on HSBC’s investment platform for some time. Hong Kong is meanwhile considering allowing retail investors access to spot crypto ETFs after the SFC chief executive officer said in an interview the regulator is evaluating these retail investment products.

UBS is one of the six commercial banks that are collaborating with the Swiss National Bank (SNB) on a pilot project for a wholesale central bank digital currency (CBDC). Earlier this year, UBS saved Credit Suisse after it collapsed.

ARK Invest and 21Shares Partner to Launch New Digital Asset ETFs

The investment management firm led by Cathie Wood, ARK Invest, has teamed up with exchange-traded product (ETP) provider 21Shares to launch a new range of digital asset ETFs in a move meant to provide a “robust set of options” for investors.

Both firms will use on-chain data to achieve “long-term capital growth” with the use of Bitcoin and Ether futures contracts. Prospectuses from the firms revealed that five new products are set to start trading next week and will be listed on the Chicago Board Options Exchange (CBOE).

The products won’t offer investors direct exposure to spot BTC, but will rather offer exposure. While most of the ETFs will invest in Bitcoin and Ethereum futures, one will invest in public equities of companies within the blockchain space.

Chart of the Week: Asset Baskets Record Yearly Highs

In this week's Chart of the Week, we delve into the sustained positive sentiment in the cryptocurrency market, which has been seeing yearly highs across various baskets.

Tokens associated with artificial intelligence, such as AGIX and FET, are at the forefront, boasting a 48.7% surge since October. This is closely trailed by infrastructure-related tokens, which have yielded a 44.8% return.

State of the Crypto by Top Tier Exchange Volume

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