ProShares And VanEck Apply To Withdraw Ethereum ETF Filings From SEC

ProShares and VanEck asset managers decided to apply to withdraw their ethereum ETF filings from the SEC on the same day so let’s read more in our latest ethereum news today.

It is still unclear why both of these asset managers chose to apply to withdraw their applications. Less than two days after submitting separate applications to the US SEC, asset managers ProShares and VanEck decided not to pursue exchange-traded funds with more exposure to Ether. In the individual, Friday filings with the SEC, the legal representative of ProShares and VanEck both said the companies elected not to proceed with registering the respective ETH-based exchange-traded fund. VanEck submitted the filing to launch an Ethereum ETF strategy with the SEC while Proshares applied the same day.

Both products seemingly aimed to provide exposure to Ether by investing in futures contracts as well as the pooled investment vehicles and other exchange-traded products but it is not clear why both asset managers chose to apply for and withdraw their Ether ETFs on the same days but the two companies said that they had not sold any securities connected to the potential offering. SEC chair Gary Gensler said that he will be open to accepting ETFs based on the crypto futures rather than direct exposure. VanEck had BTC and ETH exchange-traded funds under review by the agency but the company filed a separate prospectus for a strategy ETF for Bitcoin which is a fund with exposure via BTC future contracts.

As recently reported, The investment firm VanEckk filed for futures BTC ETF but the company thinks a physical Bitcoin ETF is what the investors really want. The investment firm filed for a BTC future exchange-traded fund a week after SEC chair Gary Gensler hinted that the commission could be inclined to approve these products. The New York-based application filed yesterday to the SEC and VanEck now hopes to expose the investors to contracts that bet on the price of BTC going up and down. VanEck’s director of digital assets strategies Gabor Gurbacs said that the company believes the futures ETF will have an easier path to approval. This is the second time the company applied for a futures ETF but it is what the company is mainly after. A week ago, Gurbacs said that a physical exposure Bitcoin ETF is more efficient than the futures-based fund structures and the company is also one of the many companies awaiting SEC approval as opposed to futures contracts.