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- Grayscale CEO Michael Sonnenshein has expressed optimism about the future of a spot Ethereum ETF, despite recent setbacks.
- The company recently withdrew its application for an Ethereum Futures ETF, citing an already crowded market.
- Sonnenshein stated that Grayscale will continue to focus on converting its Ethereum Trust (ETHE) into a spot Ethereum ETF.
Grayscale CEO Michael Sonnenshein has expressed optimism about the future of a spot Ethereum ETF, despite recent setbacks. The company recently withdrew its application for an Ethereum Futures ETF, citing an already crowded market.
Grayscale’s Ethereum ETF Ambitions
Grayscale has not given up on its ambitions for a spot Ethereum ETF. The company recently withdrew its application for an Ethereum Futures ETF, but CEO Michael Sonnenshein has stated that they will continue to focus on converting its Ethereum Trust (ETHE) into a spot Ethereum ETF. This is the same path they undertook while converting their Bitcoin Trust GBTC into a spot Bitcoin ETF.
Withdrawal of Ethereum Futures ETF Application
Commenting on the withdrawal of the Ethereum futures ETF application, Sonnenshein stated that they did so since there are several futures products already available in the market today. VanEck’s EFUT and ProShares’ EETH emerge as dominant players in the fiercely competitive futures Ethereum ETF market, collectively commanding more than 90% of the total trading volume.
Grayscale’s Spot Ethereum ETF Plans
Grayscale, along with other top financial giants like VanEck, Blackrock, Fidelity, and Ark Invest, have applied with the SEC to bring a spot Ethereum ETF in the market. However, the SEC recently delayed its decision on the Invesco Galaxy Ethereum ETF to July. Despite this, Sonnenshein expressed uncertainty about the SEC’s stance on Ethereum, but conveyed Grayscale’s optimism that the SEC will prioritize investor interests.
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Conclusion
Despite recent setbacks, Grayscale remains optimistic about the future of a spot Ethereum ETF. The company will continue to focus on converting its Ethereum Trust into a spot Ethereum ETF, and hopes that the SEC will prioritize investor interests in its decision-making process.
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