Grayscale recently withdrew its application for an Ethereum futures ETF, causing a lot of speculation in the market.
While the reason behind Grayscale's move is not fully known, new statements came from Gryascale CEO Michael Sonnenshien.
Speaking at the event hosted by the Financial Times in London yesterday, Grayscale CEO stated that they have not given up on Ethereum.
“Our focus is Spot Ethereum ETF!”
Stating that they will continue to focus on turning Grayscale's Ethereum Trust (ETHE) into a spot Ethereum ETF, as is the case with Bitcoin, Sonnenshien emphasized that they have not given up on the spot ETH ETF path.
Making a statement about the withdrawal of the Ethereum futures ETF application, the famous CEO said:
“As Grayscale, we have decided to focus our energy on our spot products. We will continue to work on the Spot Ethereum ETF.
We withdrew our application for an ETH futures ETF because there are already many Ethereum futures ETFs in the market. These products dominate the majority of the ETH Futures ETF market.
Sometimes applying for a product does not necessarily mean that it will come to market. It is necessary to retreat when necessary.”
SEC's Position on Ethereum Still Unclear!
Grayscale CEO stated that there is uncertainty regarding the SEC's stance on Ethereum and stated that the SEC still does not fully classify ETH as a security.
Stating that he believes that the SEC will prioritize investor interests at this point, Sonnenshein reiterated that they will continue to strive for the approval of the spot Ethereum ETF.
*This is not investment advice.
