Investors can now get exposure to ether and bitcoin via Roundhill Investments’ popular metaverse ETF.
The Roundhill Ball Metaverse ETF (METV) added positions in Canadian ETFs providing access to ether and bitcoin during the fund’s quarterly rebalance in June. The move follows the SEC’s recent approval of spot ether ETFs.
The US Securities and Exchange Commission in May approved 19b-4 proposals for the first spot ether ETFs in the U.S. Furthermore, the move by the SEC was unexpected, surprising crypto investors and the broader industry. The upcoming spot ether ETFs will directly hold ether, the cryptocurrency that supports the ethereum blockchain.
Since the rebalance, METV holds a 6.8% position in ether and a 2.0% position in bitcoin, as of June 24. These exposures are expressed via investments in the CI Galaxy Ethereum ETF and CI Galaxy Bitcoin ETF, according to a statement from Roundhill. The CI Galaxy Ethereum ETF and CI Galaxy Bitcoin ETF trade on the Toronto Stock Exchange.
As a result, METV’s investment of approximately $27 million in ether is the largest on record for a U.S. listed ETF, according to the statement.
Above all, the Roundhill metaverse ETF tracks an index providing access to what Roundhill considers the largest and most valuable socioeconomic technological transformations of the coming decades: the metaverse.
Growing adoption and support for crypto is expected to accelerate the development of the metaverse. The proliferation of cryptocurrencies and protocols is an important driver behind the emergence of the metaverse, according to Matthew Ball, Founder of Ball Metaverse Research Partners.
The History of Spot Bitcoin and Ether ETFs
2024 has been a notable year for developments in spot crypto ETFs. In January, after years of regulatory back and forth, the first wave of spot bitcoin ETFs was approved. The spot bitcoin ETFs provide investors the closest exposure to “raw bitcoin” that any ETF has provided to date.
See more: “Spot Bitcoin ETFs Finally Arrive”
Moreover, spot ether ETFs are the next big advancement in the space. Spot ether ETFs are expected to begin trading sometime within the next few months.
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