Ark Invest, which contributed greatly to the adoption of Bitcoin ETFs, has withdrawn from the Ethereum ETF race.

Cathie Wood, CEO of the company, said in a statement, “We have concluded our work on the Ethereum ETF. We will continue to evaluate effective ways to enable our investors to invest in this innovative technology.”

Ark’s name was removed from the updated S-1 filing. The name of the fund, Ark 21Shares Ethereum ETF, was changed to 21Shares Core Ethereum ETF. Ark had collaborated with 21Shares in its Bitcoin ETF application. This fund is still trading under the code ARKB and the name Ark 21Shares Bitcoin ETF. It has $3.2 billion in assets under management.

21Shares will continue the road

On the other hand, 21Shares said, “We are excited about the SEC’s recent 19b-4 approval and are committed to increasing US investors’ access to crypto as an asset class. 21Shares and Ark remain committed partners in our existing futures products as well as the Ark 21Shares Bitcoin ETF, which launched in January.”

The US Securities and Exchange Commission (SEC) approved the 19b-4 filings for spot Ethereum ETFs last week. S-1 filings must also be approved for ETFs to be listed and eligible for trading.

Last updates were made on Friday

Ethereum ETF applicants BlackRock, Fidelity, VanEck, Invesco & Galaxy and Franklin filed their latest S-1 updates on Thursday and Friday. It is thought that ETFs could be listed next week, but there is a possibility that the deadline could be extended.