Ethereum

2024

Grayscale Investments, the largest crypto asset manager in the world, canceled its application for an Ethereum futures exchange-traded fund (ETF), filed through Form 19b-4. 
According to one senior Bloomberg ETF analyst, James Seyffart, in a tweet, this could simply be a tactical move to protect their primary utility, which is the Ethereum ETF application. He believes that the SEC may allow the futures ETF to be set up in order to clearly satisfy investor demand for Ethereum exposure, while the spot ETF may be denied. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 UPDATE This is interesting. <a href="https://twitter.com/Grayscale?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Grayscale</a> just withdrew their 19b-4 filing for an <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Ethereum</a> futures ETF. This was essentially a trojan horse filing in my view, in order to create the same circumstances that allowed Grayscale to win the <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$GBTC</a> lawsuit (approve futures deny spot) <a href="https://t.co/Kihj2dlQx1" target="_blank">pic.twitter.com/Kihj2dlQx1</a>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1787951570711163123?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 7, 2024</a>
 </blockquote> 
 </div>
</figure> 
What is Form 19b-4? 
19b-4 Form is a rule approval application submitted to the US Securities and Exchange Commission (SEC) when new equity securities are being initialized on the national exchange. Grayscale, in this case, has used the form to put forward a plan for the creation and listing of the Ethereum future ETF. 
The withdrawal of the Ethereum futures ETF application further complicates the already winding road to spot ETF listings in the USA. The decision comes after Grayscale won the lawsuit against the SEC for bitcoin spot ETFs. 
Also Read: <a href="https://www.cryptotimes.io/2024/05/08/rep-wagner-proposes-sec-reform-bills/" target="_blank" rel="noreferrer noopener">Rep. Wagner Proposes SEC Reform Bills</a>

Grayscale Pulls Ethereum Futures ETF Filing (19b-4)

The Crypto Times

Other articles published on May 7, 2024

Wormhole Price Prediction: On the Verge of Another Plummet?

Cryptocurrency Optimism Down More Than 3% Within 24 hours

Elon Musk’s Astonishing AI Forecast: Potential Impact on Cryptocurrency Market and Bitcoin (BTC)

Nigeria Set to Ban P2P Crypto Trading on All Platforms

QANplatform Launches First Quantum-Resistant Blockchain Test Network

Top Companies Amplify Investments in Bitcoin (BTC) ETFs: A New Era in Crypto Finance

Join our free newsletter for daily crypto updates!