As a researcher with a background in financial markets and securities regulation, I’m closely following the latest developments in the world of cryptocurrency exchange-traded funds (ETFs). The recent news that Grayscale Investments, the largest crypto asset manager, has withdrawn its application for an Ethereum futures ETF through Form 19b-4 is intriguing, to say the least.
As a financial analyst, I can tell you that Grayscale Investments, the leading crypto asset management firm globally, has withdrawn its request for an Ethereum futures Exchange-Traded Fund (ETF) via Form 19b-4 submission.
As a researcher studying the world of Exchange-Traded Funds (ETFs) related to cryptocurrencies, I’ve come across an intriguing perspective from Senior Bloomberg ETF Analyst, James Seyffart. He proposes that ProShares and Invesco’s recent decision to file for Ethereum futures-based ETFs might be a strategic maneuver. According to him, the Securities and Exchange Commission (SEC) could permit these applications in response to investor demand for Ethereum exposure, while potentially denying spot ETF proposals.
As a crypto investor, I find it intriguing that Grayscale has recently withdrawn their 19b-4 filing for an Ethereum futures ETF. In my opinion, this was a strategic move aimed at recreating the circumstances that led to Grayscale’s victory in the $GBTC lawsuit. By focusing on futures instead of spot Ethereum, they may be able to bypass certain regulatory hurdles and bring an Ethereum ETF to market more efficiently.— James Seyffart (@JSeyff) May 7, 2024
What is Form 19b-4?
The 19b-4 Form is a application used with the US Securities and Exchange Commission (SEC) when new equity securities are introduced on the national exchange for the first time. For instance, Grayscale utilized this form to propose a strategy for launching and listing an Ethereum future Exchange-Traded Fund (ETF).
As a crypto investor, I’ve been eagerly following the development of Ethereum-backed spot Exchange Traded Funds (ETFs) in the USA. However, the recent withdrawal of the Ethereum futures ETF application by ProShares adds another layer of complexity to an already intricate process. This decision was made after Grayscale’s victory in their lawsuit against the SEC regarding Bitcoin spot ETFs. So, we’ll have to wait and see how this unfolds.
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2024-05-08 02:44