Wall Street investor Cathie Wood’s investment firm Ark Invest has filed for U.S. Securities and Exchange Commission (SEC) approval to launch an exchange-traded fund that would invest in cryptocurrency Ethereum. 

The spot price of Ethereum has soared, spiking at US$1,653 yesterday on the completion date for the fund, and bitcoin was up 0.47% today at a spot price of US$25,700, according to CoinDesk data. 

Wood’s proposed listed Ethereum fund, called ARK 21Shares Ethereum ETF, would trade on equity market Cboe BZX Exchange Inc.  

The filing said that the trust’s investment objective is to invest in Ethereum, tracking the performance of ether daily on the CME CF Ether-Dollar Reference Rate index.  

“The Trust’s investment objective is to seek to track the performance of ether, as measured by the Index, adjusted for the Trust’s expenses and other liabilities. In seeking to achieve its investment objective, the Trust will hold ether and will value its shares daily,” the filing said. 

21 Shares US LLC would be the sponsor of the fund, with Coinbase Custody Trust Co LLC as the custodian. ARK Investment Management LLC is the sub-adviser of the trust. 

Last week, the SEC postponed decisions on a raft of applications for spot bitcoin ETFs, which have included previous applications from Ark and 21Shares.  

However, last month, one of the world’s largest holders of bitcoin, Grayscale, won a victory in the US district courts for investing in the cryptocurrency.  

The Court of Columbia ruled that the SEC had acted “arbitrarily and capriciously” in prohibiting the listing of Grayscale Bitcoin Trust, a proposed exchange-traded product that would invest in bitcoin.  

Circuit Judge Rao ultimately determined that it was unlawful to prohibit ETF funds that invest in cryptocurrency.