Ethereum

Circuit

Grayscale Bitcoin Trust

<p><strong>Grayscale Investments, a leading digital asset manager, has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) for an Ethereum <a href="https://walletinvestor.com/magazine/why-do-cryptocurrency-futures-prices-sometimes-differ-across-different-exchanges">futures</a> exchange-traded fund (ETF).</strong></p> 
<h2 style="text-align: center;" id="details-of-the-filing">Details of the Filing</h2> 
<p>Grayscale’s new ETF, named the Grayscale Ethereum Futures Trust, will focus on ethereum (ETH) futures. The company has used Form 19b-4 to <a href="https://news.bitcoin.com/grayscale-files-with-sec-for-ethereum-futures-etf-on-nyse-arca/" target="_blank" rel="noopener">request the SEC’s permission</a> to list this ETF on the New York Stock Exchange (NYSE) Arca. The ETF will utilize two types of ethereum futures contracts available on the CME trading platform: one representing 50 ETH (ETH contracts) and another for 0.10 ether (MET contracts). These contracts allow investors to speculate on ethereum’s future prices without owning the cryptocurrency directly.</p> 
<h2 style="text-align: center;" id="how-ethereum-futures-work">How Ethereum Futures Work</h2> 
<p>Ethereum futures contracts function similarly to traditional futures. They enable investors to hedge their investments or predict ethereum price movements. Grayscale’s ETF will track the daily price shifts of the nearest expiring ETH contracts. To start an open position in futures contracts, the trust will deposit an initial margin amount, acting as a cash performance bond to ensure the trader’s commitment.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">Grayscale files for <a href="https://twitter.com/hashtag/ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#ethereum</a> futures ETF with SEC. <a href="https://t.co/vhKIorKOHq">https://t.co/vhKIorKOHq</a></p> 
 <p>— Bitcoin News (@BTCTN) <a href="https://twitter.com/BTCTN/status/1704714985815802196?ref_src=twsrc%5Etfw">September 21, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 style="text-align: center;" id="grayscale-s-previous-engagements-with-sec">Grayscale’s Previous Engagements with SEC</h2> 
<p>Grayscale <a href="https://walletinvestor.com/magazine/grayscale-urges-sec-to-greenlight-spot-bitcoin-etf" target="_blank" rel="noopener">recently faced</a> the SEC in court over a denied bitcoin ETF application. The D.C. Circuit Court ruled in Grayscale’s favor, urging the SEC to promptly approve Grayscale’s spot bitcoin ETF. In their latest SEC filing, Grayscale emphasized the regulated nature of the CME futures exchange, highlighting its transparency and oversight, especially for ETH and MET contracts.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">Grayscale CEO on recent <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> ETF court case 👀 <a href="https://t.co/318RQLf8Xw">pic.twitter.com/318RQLf8Xw</a></p> 
 <p>— Crypto Nutshell (@CryptoNutshelll) <a href="https://twitter.com/CryptoNutshelll/status/1701404398776451250?ref_src=twsrc%5Etfw">September 12, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 style="text-align: center;" id="additional-information">Additional Information</h2> 
<p>Grayscale Advisors, responsible for managing the ETF, is working towards registration as a commodity pool operator with the U.S. CFTC. The Grayscale Ethereum Futures Trust aims to consistently maintain its holdings in Ether futures contracts but will avoid holding futures positions until cash settlement. The ETF’s structure means there’s no need for an Ether custodian.</p> 
<h2 style="text-align: center;" id="recent-developments-in-the-industry">Recent Developments in the Industry</h2> 
<p>Another digital asset management firm, Valkyrie, filed for an Ether futures ETF with the SEC in August. Last month, Grayscale achieved a significant win against the SEC regarding its Grayscale Bitcoin Trust (GBTC) conversion to a listed spot Bitcoin ETF. Grayscale’s latest Ethereum ETF filing follows the Securities Act of 1933 guidelines. This is their second Ethereum ETF filing, with the first under the Investment Company Act of 1940.</p> 
<h2 style="text-align: center;" id="conclusion">Conclusion</h2> 
<p>The digital currency sector is evolving, with major players like BlackRock, VanEck, and Fidelity Investments seeking SEC approval for spot Bitcoin ETF products. A positive response from the SEC could reshape the industry, attracting more institutional investors.</p>

Grayscale Files for Ethereum Futures ETF

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