Grayscale Investments has filed with the SEC a proposal to launch an exchange-traded fund based on Ethereum futures traded on the CME. The Wall Street Journal reports.
The filing falls under the Securities Act of 1933, which regulates commodities and spot Bitcoin-ETF.
Earlier Grayscale filed an application for a similar product under the Investment Company Act of 1940, on which most exchange-traded funds are registered.
In September the digital assets manager Hashdex filed with the SEC a proposal to launch an Ethereum-based ETF and CME-traded futures based on the second-largest cryptocurrency. The filing is based on the Securities Act of 1933.
Grayscale proposed launching an Ethereum futures-based ETF after the court granted its motion to convert GBTC into a spot Bitcoin ETF.
The appellate court agreed that the regulator had not explained why spot and futures-based exchange-traded funds tied to the first cryptocurrency differ materially.
In June 2022 the organization filed suit against the regulator for denying GBTC’s conversion into an ETF. The proposal to convert the product was filed with the SEC in October 2021.
Earlier JPMorgan analysts said that the court’s ruling in the Grayscale case could bring the final approval of a spot Bitcoin ETF closer.
Grayscale asked the SEC to expedite approval of a spot Bitcoin ETF.