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Fear & Greed:
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Bitcoin:
$ 69.285
BTC Dominance:
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Market Cap:
$2.44 T

Grayscale CEO Optimistic About Ethereum Despite ETF Setback

Grayscale 2

Michael Sonnenshein, CEO of Grayscale Investments, the largest crypto asset management firm, has shed light on the company’s plans regarding Ethereum.

Sonnenshein stated, “At Grayscale, we’ve decided to focus on spot products. This is at the core of our DNA.”

Grayscale withdrew its application to establish a futures-based Ethereum ETF in the U.S. earlier this month.

The CEO mentioned that the reason behind this move was the presence of several existing products catering to futures contracts in the market. Sonnenshein emphasized, “Just because we apply for a product doesn’t mean it will be launched.”

With spot Bitcoin ETFs approved in the U.S., attention has shifted to spot Ethereum ETFs. Grayscale, along with BlackRock, VanEck, ARK Invest, Fidelity, Invesco, and Hashdex, has filed applications to establish such a fund.

However, analysts aren’t expecting the SEC, which hasn’t yet decided whether Ethereum is a security or not, to approve these anytime soon.

While not providing a definitive comment on the SEC’s stance on Ethereum, the Grayscale CEO expressed optimism that the SEC would do the right thing for investors.

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