{"id":13361,"date":"2024-05-09T13:28:18","date_gmt":"2024-05-09T10:28:18","guid":{"rendered":"https:\/\/forklog.com\/en\/grayscale-withdraws-application-for-ethereum-futures-etf\/"},"modified":"2024-05-09T13:28:18","modified_gmt":"2024-05-09T10:28:18","slug":"grayscale-withdraws-application-for-ethereum-futures-etf","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/grayscale-withdraws-application-for-ethereum-futures-etf\/","title":{"rendered":"Grayscale Withdraws Application for Ethereum Futures ETF"},"content":{"rendered":"<p>Grayscale Investments has withdrawn its application to create a futures-based Ethereum ETF. According to CEO Michael Sonnenshein, the company will focus its efforts on converting the <span data-descr=\"Grayscale Ethereum Trust\" class=\"old_tooltip\">ETHE<\/span> into a spot exchange-traded fund.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Grayscale Investments will focus on converting its Ethereum trust \u2014 the world\u2019s largest \u2014 to spot exchange-traded products, CEO Michael Sonnenshein said on Wednesday. Sonnenshein said the asset manager was withdrawing the future application because a number of products are\u2026<\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1788373789568545085?ref_src=twsrc%5Etfw\">May 9, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The top executive expressed confidence that the Commission will convert the Ethereum trust into an ETF.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThis is really the foundation of our DNA. ETHE is a company reporting to the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span>. We file 10-K and 10-Q reports [for the regulator],\u201d<\/em> he stated.<\/p>\n<\/blockquote>\n<p>Sonnenshein explained the withdrawal of the futures ETF registration proposal by citing the presence of similar products in the market.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cSometimes we apply for a particular product. This does not necessarily mean it will come to market,\u201d<\/em> noted the Grayscale CEO.<\/p>\n<\/blockquote>\n<p>The company is competing for approval of a spot Ethereum ETF with BlackRock, VanEck, ARK Invest, Fidelity, Invesco, and Hashdex.<\/p>\n<p>Grayscale has also filed an application to create a mini-trust \u2014 a small fund formed from the assets of a larger structure.<\/p>\n<p>The firm&#8217;s chief legal officer, Craig Salm, noted that such a product is intended to complement the rest of the Ethereum-based lineup and support a broad range of investors.<\/p>\n<p>On May 7, the agency extended the review period for the ETH-ETF application from Invesco and Galaxy.<\/p>\n<p>On April 23, the SEC<a href=\"https:\/\/forklog.com\/en\/news\/sec-extends-review-period-for-franklin-templetons-spot-ethereum-etf\"> postponed<\/a> its decision on Franklin Templeton&#8217;s spot Ethereum ETF, setting a deadline of June 11. Prior to this, the regulator<a href=\"https:\/\/forklog.com\/en\/news\/sec-delays-decision-on-blackrocks-spot-ethereum-etf-2\"> extended<\/a> the review period for a similar proposal from BlackRock.\u00a0<\/p>\n<p>In May, the <a href=\"https:\/\/forklog.com\/en\/news\/hester-peirce-advocates-for-spot-ethereum-etf-approval-without-court-ruling\">deadline<\/a> will arrive for proposals from VanEck and Grayscale.<\/p>\n<p>Back in April, experts from Standard Chartered<a href=\"https:\/\/forklog.com\/en\/news\/standard-chartered-doubts-may-approval-for-spot-eth-etfs\"> joined<\/a> the<a href=\"https:\/\/forklog.com\/en\/news\/sec-likely-to-reject-ethereum-etf-applications-say-reports\"> camp of skeptics<\/a> doubting the approval of spot ETH-ETFs by this deadline. Analysts cited the lack of constructive dialogue between the Commission and issuers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Grayscale Investments has withdrawn its application to create a futures-based Ethereum ETF. According to CEO Michael Sonnenshein, the company will focus its efforts on converting the ETHE into a spot exchange-traded fund. Grayscale Investments will focus on converting its Ethereum trust \u2014 the world\u2019s largest \u2014 to spot exchange-traded products, CEO Michael Sonnenshein said on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13360,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[569,46,943],"class_list":["post-13361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-etf","tag-ethereum","tag-grayscale-investments"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=13361"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13361\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/13360"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=13361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=13361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=13361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}