It’s unclear why both asset managers chose to apply for and withdraw
seemingly similar applications for Ether ETFs on the same days.
Less than two days after submitting separate applications to the U.S.
Securities and Exchange Commission, asset managers VanEck and ProShares
have seemingly decided not to pursue exchange-traded funds with
exposure to Ether.
In individual Aug. 20 filings with the SEC, legal representatives of VanEck and ProShares both said the firms had elected not to proceed with registering their respective Ether-based exchange-traded funds, or ETFs. VanEck had submitted a filing
to launch an “Ethereum Strategy ETF” with the SEC on Aug. 18, while
ProShares applied for an “Ether Strategy ETF” the same day.
Both products had seemingly aimed to provide exposure to Ether (ETH)
by investing in futures contracts as well as pooled investment vehicles
and other exchange-traded products. It’s unclear why both asset
managers chose to apply for and withdraw seemingly similar applications
for Ether ETFs on the same days, but the two firms said they had not
sold any securities connected to the potential offering.
Related: SEC opens to comments on whether to approve VanEck Bitcoin ETF
SEC
chair Gary Gensler said earlier this month that he would be more open
to accepting ETFs based on crypto futures rather than through direct
exposure. At that time, VanEck already had Bitcoin (BTC) and ETH exchange-traded funds under review by the agency, but the company later filed a separate prospectus for a Bitcoin “strategy” ETF, a fund with exposure through BTC future contracts.
source link : https://cointelegraph.com/news/vaneck-and-proshares-apply-to-withdraw-ethereum-etf-filings-from-sec
