The pursuit of a spot Ethereum ETF continues to gain momentum.

What’s happening:

• Galaxy Digital (TSX: GLXY) has teamed up with Invesco to apply for a spot Ethereum ETF
  
• This is the fourth spot Ethereum ETF to be filed with the SEC
  

Why it matters:

• Ark recently made waves when they were the first asset manager to file for a spot Ethereum ETF
  
• Invesco (NYSE: IVZ) is one of the largest asset managers in the world with a valuation of more than $6B USD
  
• Nearly every major asset management company in the United States has now filed for a spot Bitcoin ETF
  
• There is clear evidence that institutional capital wants in on Bitcoin and Ethereum as an asset class
  

Going deeper:

• Galaxy Digital, led by crypto evangelist Mike Novogratz, was one of the first crypto companies to ever publicly list on a major Canadian stock exchange
  
• Since then they have become a leader in accelerating institutional adoption and accessibility for crypto as a whole
  

The fine print:

• The SEC has continued to be ambiguous about their stance on both spot Bitcoin ETFs and spot Ethereum ETFs
  
• Currently, none of the pending applications for spot Bitcoin or spot Ethereum ETFs have been approved by the SEC

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