ProShares and VanEck are searching for withdrawal of Ethereum ETF filings from the SEC

The asset managers at ProShares and VanEck decided to file for the withdrawal of their Ethereum ETF filings with the SEC on the same day. So let’s read more today in our latest Ethereum news.

It is still unclear why these two asset managers decided to withdraw their applications. Less than two days after filing separate filings with the US SEC, asset managers ProShares and VanEck decided not to pursue exchange-traded funds with greater exposure to ether. In Friday’s individual filings with the SEC, the legal representative of ProShares and VanEck said the companies have chosen not to proceed with the registration of the respective ETH-based exchange-traded fund. VanEck filed an application with the SEC to introduce an Ethereum ETF strategy, while Proshares filed an application on the same day.

Both products apparently aimed to gain exposure to Ether by investing in the futures contracts as well as the pooled investment vehicles and other exchange-traded products, but it’s not clear why both asset managers chose to add their Ether ETFs on the same days request and withdraw, but the two companies said they did not sell any securities in connection with the potential offering. SEC chairman Gary Gensler said he was open to accepting ETFs based on crypto futures rather than direct exposure. VanEck had the agency audited exchange-traded funds from BTC and ETH, but the company filed a separate prospectus for a strategy ETF for Bitcoin, which is a fund with exposure through BTC futures contracts.

proshares

As recently reported, investment firm VanEckk has filed for Futures BTC ETFs, but the company believes that a physical Bitcoin ETF is what investors really want. The investment firm filed for an exchange-traded BTC futures fund a week after SEC chairman Gary Gensler suggested the commission might be inclined to approve these products. The filing with the SEC yesterday in New York and VanEck is now hoping to expose investors to contracts that bet the price of BTC will rise and fall. Gabor Gurbacs, Director of Digital Assets Strategys at VanEck, said the company believes the futures ETF will have an easier route to listing. This is the second time the company has applied for a futures ETF, but it’s the company’s primary goal. A week ago, Gurbacs said that physical exposure to Bitcoin ETF is more efficient than the futures-based fund structures and the company is also one of the many companies awaiting SEC approval, unlike futures contracts.

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