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VanEck, ProShares Abruptly Withdraw Ether Futures ETF Proposals

Investment firms VanEck and ProShares have both withdrawn their applications with the SEC for approval of Ether (ETH, +3.15%) futures ETFs, just two days after filing them, according to an analyst.

VanEck filed on Wednesday for an Ethereum-based exchange-traded-fund that would invest in ether futures contracts, Canada’s already-approved ether ETFs, private ether funds and exchange-traded products with exposure to ether.

ProShares also filed on Wednesday for approval for an ETF based on ether futures called the ProShares Ether Strategy ETF.

Senior ETF Analyst for Bloomberg Eric Balchunas speculated that the abrupt withdrawals could mean that the SEC spoke to both firms and told them they were unlikely to approve an ETF futures fund. There are over a dozen bitcoin (BTc, +5.6%) ETF applications currently before the SEC.

In remarks earlier this month, SEC chair Gary Gensler suggested he would look more favorably upon bitcoin ETFs that only trade bitcoin futures contracts.

Source: Coindesk