This week, developments in Ethereum exchange-traded funds (ETFs) have been significant. ARK Invest, led by Cathie Wood, has decided not to proceed with its Ethereum ETF for now. A spokesperson from ARK mentioned they are looking for better opportunities for investors and are evaluating different ways to provide exposure to this innovative technology.

Previously, ARK had partnered with 21Shares to pursue regulatory approval for both Bitcoin and Ethereum ETFs. Despite launching their Bitcoin ETF earlier this year, which now holds around $3.2 billion in Bitcoin, ARK has put its Ethereum ETF plans on hold. The decision comes amidst a series of filings by other ETF issuers, all aiming for SEC approval this week.

21Shares, meanwhile, remains committed to their partnership with ARK on the Bitcoin ETF and their existing lineup of futures products. They affirmed this commitment after the changes in their Ethereum ETF plans were announced.

In this week’s filings, all eight issuers have submitted their required documents to the SEC. These include updated forms from VanEck and BlackRock, among others. However, Hashdex withdrew its proposed Ethereum ETF shortly after the SEC approved the other eight funds, citing differences in filing preparations.

Looking ahead, the SEC will review and provide feedback on these filings, a process expected to involve multiple rounds of revisions. Fidelity, one of the issuers, has already disclosed its management fee in its filings, indicating their fee plan for prospective investors.

In conclusion, while ARK Invest has paused its Ethereum ETF plans, the landscape for cryptocurrency ETFs continues to evolve rapidly with other issuers pressing forward with their SEC filings. The coming weeks will reveal how these developments unfold in the market.