Upstream, a MERJ Exchange stock market and global trading app, is reporting on the first week of trading for spot Ethereum exchange-traded funds (“ETFs”). According to the article, spot Ethereum ETFs began trading on July 23, 2024; the ETFs were offered by entities such as BlackRock, Fidelity, 21Shares, Bitwise, Franklin Templeton, VanEck and Invesco Galaxy, which also offer spot Bitcoin ETFs. Spot Ethereum ETFs started strong with more than $1 billion in trade volume on the first day, representing 23% of the volume seen by Bitcoin ETFs on their launch.
Upstream noted that Ethereum ETFs, which are similar to traditional ETFs and Bitcoin ETFs, track the price of Ethereum, which is the world’s second-largest cryptocurrency, without investors directly owning the cryptocurrency. This approach provides a way for investors who are more familiar with regulated U.S. exchanges to participate in the crypto market.
“While the U.S. Ether ETF launches are an exciting milestone for the crypto and greater blockchain community, hurdles like account minimums, market hours and phone regulatory hurdles may still be limiting international participation,” said the Upstream article. “This is where Upstream believes we can make a difference. Upstream, a MERJ Exchange market and global stock trading app, works to make it easier for international investors to access U.S. and international equities. Upstream is actively accepting applications for both ether and bitcoin ETFs to list.”
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About Upstream
Upstream is a MERJ Exchange market. MERJ Exchange is a licensed securities exchange, an affiliate of the World Federation of Exchanges, a National Numbering Agency and a member of ANNA. MERJ is regulated in the Seychelles by the Financial Services Authority, an associate member of the International Association of Securities Commissions (“IOSCO”). MERJ supports global issuers of traditional and digital securities through the entire asset life cycle from issuance to trading, clearing, settlement and registry. It operates a fair and transparent marketplace in line with international best practices and principles of operations of financial markets. For more information about the company, visit www.Upstream.Exchange.
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