Less than two days after submitting separate requests to the US Securities and Exchange Commission (SEC), asset managers VanEck and ProShares apparently decided not to seek exchange-traded funds (EFTs) with exposure to Ether.
In individual filings Friday with the SEC, legal representatives for VanEck and ProShares said the companies chose not to proceed with the registration of their respective Ether-based exchange-traded funds. VanEck filed an application for the release of an “Ether Strategy ETF” with the SEC on Wednesday, while ProShares applied for an “Ether Strategy ETF” on the same day.
Both products were apparently aimed at providing Ether (ETH) exposure by investing in futures contracts as well as pooled investment vehicles and other exchange traded products. It’s not clear why both asset managers chose to order and withdraw the seemingly similar products for Ether ETFs on the same days, but the two companies said they didn’t sell any securities related to the potential offering.
SEC Chairman Gary Gensler said earlier this month that he would be more open to accepting ETFs based on futures cryptocurrencies than by direct exposure. At that time, VanEck already had exchange-traded Bitcoin (BTC) and ETH funds under review by the agency, but the company subsequently presented a separate prospectus for a Bitcoin “strategy” ETF, a fund with exposure through futures contracts. BTC.
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