Less than two days after the asset management companies VanEck and ProShares applied for two independent Ethereum ETFs from the US Securities and Exchange Commission, they were withdrawn.
As can be seen from the new applications, both VanEck and ProShares no longer want to launch the respective Ether index fund. VanEck initially applied for the “Ethereum Strategy ETF” to the stock exchange regulator on Wednesday, before ProShares also submitted an “Ether Strategy ETF” on the same day.
Both investment products were designed in such a way that the price development of Ether (ETH) was replicated by Ether futures and other Ether financial products, which means that investors could have invested indirectly in the second largest cryptocurrency. It is still unclear why both asset managers submitted their very similar applications almost simultaneously and now also withdrew them.
SEC chief Gary Gensler revealed earlier this month that he is more inclined to accept crypto ETFs that are based on crypto futures rather than based directly on the associated cryptocurrency. At this point in time, VanEck had already applied for an ETF for Bitcoin (BTC) and Ether, but then submitted a Bitcoin index fund that is linked to Bitcoin futures.