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Grayscale has submitted a submitting for a brand new Ethereum futures exchange-traded fund (ETF), the Wall Avenue Journal mentioned on Sept. 19.
Based on that report, Grayscale submitted its submitting underneath the Securities Act of 1933. The submitting is distinct from Grayscale’s earlier makes an attempt at an Ethereum futures ETF, which it submitted underneath the Funding Firm Act of 1940.
The Wall Avenue Journal famous that the U.S. Securities and Trade Fee (SEC) has authorized numerous Bitcoin futures ETFs underneath each the 1933 and 1940 Acts. Spot Bitcoin ETFs, none of which have been authorized, have been filed underneath the 1933 Act.
The truth that the SEC authorized sure earlier Bitcoin futures ETFs beginning round October 2021 — mixed with extra common optimism round cryptocurrency ETFs — might make Ethereum futures ETFs a viable pursuit for asset managers.
Certainly, a number of asset managers have already jumped on the development. In latest weeks, Volatility Shares, Bitwise, ProShares, VanEck, Roundhill, and Valkyrie Investments have all utilized for Ethereum futures ETFs. The Wall Avenue Journal recognized Hashdex as one other applicant; numerous different corporations convey the variety of candidates to no less than 12.
Grayscale can be pursuing a Bitcoin spot ETF
Grayscale’s makes an attempt to acquire an ETF of any kind are particularly notable as a result of the agency plans to transform its present GBTC fund right into a spot Bitcoin ETF. Although the SEC initially disapproved Grayscale’s software in 2022, Grayscale gained a partial authorized victory in August that can doubtless pressure the SEC to overview the appliance.
As famous by the Wall Avenue Journal, judges within the D.C. Court docket of Appeals mentioned that Grayscale’s proposed ETF conversion is “materially comparable” to different, beforehand authorized Bitcoin futures ETFs — seemingly a nod within the firm’s favor.
However regardless of widespread optimism, that ruling won’t essentially require the SEC to approve Grayscale’s proposed ETF. The SEC merely must overview the appliance.
Different corporations are additionally pursuing Bitcoin spot ETFs intently modeled on a much-hyped software filed by BlackRock in June. Grayscale’s personal spot Bitcoin ETF software precedes and differs from BlackRock’s software because it considerations an present fund.
The publish Grayscale applies for brand new Ethereum futures ETF appeared first on CryptoSlate.
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