Investment firms VanEck and ProShares have both withdrawn their applications with the SEC for approval of ether futures ETFs, just two days after filing them, according to an analyst.
- VanEck filed on Wednesday for an Ethereum-based exchange-traded-fund that would invest in ether futures contracts, Canada’s already-approved ether ETFs, private ether funds and exchange-traded products with exposure to ether.
- ProShares also filed on Wednesday for approval for an ETF based on ether futures called the ProShares Ether Strategy ETF.
- Senior ETF Analyst for Bloomberg Eric Balchunas speculated that the abrupt withdrawals could mean that the SEC spoke to both firms and told them they were unlikely to approve an ETF futures fund.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.