Ether Hits 2-Week High After Ark Amends ETF Filing

Ether rallied after Ark Invest, an asset management firm known for its tech-forward offerings, amended its filing for a spot ETH ETF on Feb. 7.

One key change from ARK is a cash creation and redemption mechanism, which Bloomberg analyst Eric Balchunas said would “bring [the application] in line with the recently approved spot BTC ETF prospectus.”

The amendment also introduces the possibility of staking the ETH tokens backing the potential ETF.

ETH jumped to $2,421, gaining nearly 2% in an hour. The second largest digital asset hasn’t traded above $2,400 since Jan. 22.

Ark’s Bitcoin ETF, ARKB, was one of eleven approved by the SEC last month. The possibility of a spot ETF for ETH has become a major point of discussion among crypto investors in the wake of similar offerings for BTC.

The SEC has postponed decisions on whether to approve ETF applications for ETH from firms like Grayscale and Blackrock. Asset management firms VanEck and Ark both have pending applications as well. The decision date for the SEC is May 23.

TAO Hits ATH

There are other bright spots in the crypto market.

TAO, the token for the AI-focused Bittensor project, has nearly doubled in the past two weeks, continuing a rally that has seen the token’s price increase nearly 10-fold since mid-October.

Dymension’s DYM, which launched yesterday, is up 25% to $6.

JUP, which Solana-based DEX aggregator Jupiter airdropped last week, has also jumped 10% in the last 24 hours. Privacy-focused Monero (XMR) has gained nearly 23% in that span as well.