25 April, 2024



TradFi And Crypto Giants Line Up With Ether Futures ETF Applications

02 Aug, 2023

06 Nov, 2023

  • The U.S. SEC has received Ether futures ETF applications from six different firms. 
  • The applicants include TradFi and crypto giants like VanEck, ProShares, and Grayscale. 
  • The Securities and Exchange Commission has not approved any applications yet. 

The past week saw several traditional finances (TradFi) and crypto giants file applications with the Securities and Exchange Commission (SEC) to offer Ethereum futures exchange-traded funds (ETFs). These included VanEck, Grayscale, Bitwise, and Roundhill. 

New York-based Volatility Shares was the first one to file an application with the SEC on July 28, 2023, for its Ether Strategy ETF. The firm’s filing came just over a month after its 2x Bitcoin Strategy ETF became the first leveraged crypto ETF to go live in the United States. This was followed by leading ETF and Mutual Funds firm VanEck, which filed an application for its Ethereum Strategy ETF on August 1. 

On the same day, U.S.-based ETF issuer ProShares filed an application with the SEC for its Short Ether Strategy ETF. Crypto giant Grayscale followed suit and submitted its Ethereum Futures ETF application. Within 24 hours, Bitwise and Roundhill also filed for an Ethereum futures-based ETF. 

Interestingly, Grayscale, Roundhill, and Bitwise submitted similar Ether Futures ETF applications in May. The ETFs reportedly planned to focus their investment in ether futures traded on the Chicago Mercantile Exchange. However, the applications were withdrawn after the securities regulator asked the funds to stop trying for such ETFs. 

The renewed interest in Spot Bitcoin ETFs may have prompted the issuers to renew their bid for an ETH Futures ETF. Denver-based Kelly ETFs became one of the first funds to seek approval for an Ethereum Futures ETF after filing for the same in November 2021. 

At the time of writing, none of the applications seeing investment in Ethereum futures were accepted by the SEC. Technically, an ETF would go live within 75 days of its filing, meaning that Volatility Shares’ Ether Strategy ETF could debut as soon as October 12, 2023, if the regulator approves it. 

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