According to Grayscale CEO Michael Sonnenshein, the SEC is now more receptive to approving an Ethereum ETF. The first Bitcoin ETF was authorized in the United States last week. It marked the conclusion of an eight-year period that began with the filing of the first bitcoin ETF. ProShares received clearance for their Bitcoin Futures ETF on Monday, October 18th, and it is scheduled to begin trading on the New York Stock Exchange today.
Without a question, this was a watershed event for the cryptocurrency market. After a protracted fight to get the first crypto ETF authorized, investors may now trade bitcoin ETFs directly from their investment accounts, such as a ROTH.
However, the approval of the first bitcoin ETF has sparked speculation about when an Ethereum ETF would be approved. The market is expected to see the first ETH ETF shortly, and Grayscale’s CEO concurs.
The Securities and Exchange Commission Approves An Ethereum ETF
Sonnenshein spoke on CNBC’s Squawk Box on Monday to discuss the first Bitcoin ETF’s acceptance. The CEO views this as a positive development for the crypto industry after the SEC’s approval of the ETF. He observed that this demonstrated the Securities and Exchange Commission’s growing comfort with the concept of cryptocurrency.
Sonnenshein noted that given the regulator’s approval of the bitcoin ETF, an Ethereum ETF is just a matter of time. Ethereum is the second-largest cryptocurrency on the market, with interest matching, and sometimes exceeding, that of the market leader Bitcoin.
Numerous companies have registered for Ethereum ETFs in addition to their Bitcoin ETFs. Although both VanEck and ProShares were requested by the SEC to remove their Ethereum ETFs while the SEC considered whether to approve Bitcoin ETFs. This is not to say that ETH ETFs are without value. At the moment, Bitcoin ETFs have gained priority owing to their long history of regulatory filings.
Grayscale Sets Sights on a Bitcoin Exchange-Traded Fund
Over the weekend, NewsBTC claimed that Grayscale was preparing to submit an application for a Bitcoin Spot ETF. The investing company has chosen to abandon its existing Futures ETF filings in favor of Spot ETF filings. Grayscale took this action in reaction to increased competition after ProShares’ approval of their Bitcoin Futures ETF for trading on the NYSE.
To achieve a greater trading volume than Futures ETFs, the Grayscale Spot ETF has been suggested to be a better filing to the Futures ETF. When futures contracts expire at a price higher than the spot price, investors are likely to miss out on profits.
Grayscale is still awaiting approval from the Securities and Exchange Commission before filing an application to transform its Bitcoin Trust into a Bitcoin Spot ETF.
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