The 21st crypto ETF application this year! Asset management company Kryptoin applied to the US SEC to launch the Ethereum ETF Trust

According to a public document, asset management company Kryptoin has submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch a physically-backed Ethereum exchange-traded fund (ETF) "Kryptoin Ethereum ETF Trust", joining the ranks of many other crypto ETF candidates.

The investment vehicle is designed to provide exposure to Ethereum by relying on the CF Ether-Dollar settlement price, and if approved, the product will be traded on the Cboe BZX exchange, and the Ethereum purchased by Kryptoin will be held in custody by Gemini Trust Company.

According to a previous report by Bitpush, Kryptoin submitted a Bitcoin ETF application to the SEC in April, but it is still under review by the SEC.

“The Trust’s investment objective is to provide exposure to Ethereum at a price that reflects the actual Ethereum market, in which investors can buy and sell Ethereum, less the Trust’s operating expenses,” the filing reads.

Kyptoin joins asset manager VanEck and New York-based Wisdom Tree Investments as the 21st crypto ETF filing this year.

Bloomberg senior ETF analyst Eric Balchunas noted on Twitter that Kryptoin applied for a spot Ethereum ETF under the Securities Act of 1933, so it may take some time for a ruling to be made.

SEC Chairman Gary Gensler said earlier this month that he might be open to approving an ETF based on futures contracts regulated under the Investment Company Act of 1940.