Bloomberg analyst James Seyffart commented on social media regarding the "ARK 21Shares Ethereum ETF" jointly submitted by ARK Invest and 21Shares, as well as the "VanEck Ethereum Spot ETF" submitted by Cboe BZX, stating that "the Ethereum ETF race has officially begun. It is still too early to tell, but I estimate that the Securities and Exchange Commission (SEC) will have a final deadline for reviewing these applications on May 23, 2024. It is worth noting that we have not seen VanEck's spot Ethereum ETF S-1 document before, because they submitted this application as early as 2021."

Previously reported, asset management companies ARK Invest and 21Shares have submitted an Ethereum spot ETF application to the SEC. The fund is called "ARK 21Shares Ethereum ETF", which will directly invest in ETH and trade on the Cboe BZX exchange. 21Shares is the sponsor of the trust, Delaware Trust Company is the trustee, and Coinbase Custody Trust Company is the custodian.