% 0.02
BTC Dominance:
% 0.09
Market Cap:
$2.37 T
% 0.16
Fear & Greed:
60 / 100
$ 65.008
BTC Dominance:
% 54.2
Market Cap:
$2.37 T

Grayscale CEO Explains Withdrawal of Ether Futures ETF Application

Grayscale 2

Michael Sonnenshein, CEO of Grayscale, shed light on why they withdrew their Ether futures ETF application during a conference. Sonnenshein stated, “We’ve decided to focus on spot products for now. The reason for withdrawing our futures product is the presence of many similar products in the market.”

Last Tuesday, Grayscale, which received much attention for its Bitcoin spot ETF sales and recently attracted investments in this fund for the first time, withdrew its Ether futures ETF application. CEO Michael Sonnenshein clarified the matter.

Speaking at a conference hosted by the Financial Times in London, Sonnenshein said they would focus on spot products and stated:

“We withdrew our Ether futures ETF application because we’ll focus on spot products for now. We want to channel our energy in this direction. In fact, it’s in our DNA. One reason for the withdrawal is the presence of similar products in the market… Sometimes you apply for a product, but that doesn’t necessarily mean it will enter the market.”

“I’m optimistic about the SEC’s decision”

Responding to questions about Ethereum spot ETFs, Grayscale’s CEO stated, “The Grayscale Ethereum Fund is already a company that has made the necessary notifications to the SEC… We have always been a transparent company that works with regulators to bring crypto forward. I don’t know what they think about Ethereum ETFs, but I believe the SEC will do what’s right for investors. I’m optimistic about that.”

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