Connect with us

Hi, what are you looking for?

Business

Grayscale pulls its application to the SEC for an Ethereum Futures ETF

The withdrawal occurs approximately two weeks prior to the deadline for the United States securities regulator to render a determination on a minimum of one spot Ether ETF application.

Grayscale, a prominent crypto asset manager, has made an unexpected move by withdrawing its application for an Ethereum Futures Exchange-Traded Fund (ETF). This decision, as announced on May 3, has left many industry experts and observers speculating about the underlying reasons and potential implications.

The withdrawal of the proposed Grayscale Ethereum Trust ETF, initially filed by NYSE Arca, Inc. in September of the previous year, comes just weeks before the Securities and Exchange Commission (SEC) was set to make a decision on it. The suddenness of this move has fueled curiosity and analysis within the investment ecosystem.

The exact rationale behind Grayscale’s withdrawal remains unclear. The application had faced multiple delays from the SEC since its initial filing in September 2023. Some industry analysts had viewed this application as a strategic move by Grayscale, possibly aiming to pave the way for approval of a spot Ethereum ETF. However, the timing of the withdrawal, just before the SEC’s decision deadline, has raised questions about the company’s motives.

Notably, the SEC had previously delayed reviewing Grayscale’s Ethereum Futures ETF proposal in March, adding to the uncertainty surrounding the regulatory landscape for such investment products. While the SEC had approved several ether futures ETFs from other entities in October 2023, Grayscale’s application faced ongoing deliberations.

The broader context includes upcoming deadlines for spot Ethereum ETF applications from various firms, including VanEck, ARK 21Shares, Hashdex, Grayscale, Invesco Galaxy, BlackRock, and Fidelity. The industry is closely watching these developments, speculating on how the SEC’s decisions could shape the future of Ethereum-based investment products.

Grayscale’s decision to withdraw its Ethereum Futures ETF proposal has prompted discussions about potential regulatory influences, strategic considerations, and the evolving dynamics of crypto-focused financial instruments within the traditional investment landscape.

Advertisement

You May Also Like

By 360

Thousands of MILLIONAIRES are made every single cycle! Will you be one of them?

By 360

Elon Musk’s announcement which resulted in MASS FOMO retail driven buying was an X FACTOR of this cycle.

Business

The central banks would design and define the monetary and governance rules for their digital currency by using Consensys' Quorum platform

Exclusive

Are you taking all necessary steps to keep your crypto assets safe?

Subscribe to our Free Trade of the Month Newsletter
Submit your name and email and receive access to 360 Elite Trifecta Trading Alerts free for one month worth $129!
Get a free trading signal every month!
Subscribe to our Free Trade of the Month Newsletter
Submit your name and email and receive access to 360 Elite Trifecta Trading Alerts free for one month worth $129!
Get a free trading signal every month!
polkadot
Polkadot (DOT) $ 5.77 6.89%
bitcoin
Bitcoin (BTC) $ 64,655.32 1.53%
ethereum
Ethereum (ETH) $ 3,406.32 3.65%
cardano
Cardano (ADA) $ 0.370948 8.37%
xrp
XRP (XRP) $ 0.483909 6.67%
stellar
Stellar (XLM) $ 0.0891 9.97%
litecoin
Litecoin (LTC) $ 71.90 7.05%