{"id":178374,"date":"2021-08-21T12:30:32","date_gmt":"2021-08-21T07:00:32","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=178374"},"modified":"2021-08-21T12:38:37","modified_gmt":"2021-08-21T07:08:37","slug":"vaneck-and-proshares-withdraw-eth-etf-applications","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/vaneck-and-proshares-withdraw-eth-etf-applications\/","title":{"rendered":"VanEck, ProShares withdraw their Ethereum ETF applications"},"content":{"rendered":"

Asset management firm VanEck was in the news a few days ago after it filed an application with the United States Securities and Exchange Commission [SEC] for an Ethereum<\/a> exchange-traded fund [ETF]. However, the firm has now decided to withdraw its application<\/a>.<\/p>\n

According to VanEck’s latest filing,<\/p>\n

“The Amendment relates to VanEck Ethereum Strategy ETF, a series of the Trust. No securities were sold in connection with the Amendment and the Trust has determined not to proceed with the offering of this series at this time.”<\/p><\/blockquote>\n

ProShares, another asset manager, also decided<\/a> not to go ahead with an ETF.<\/p>\n

“The Amendment relates to ProShares Ether Strategy ETF, a new series of the Trust. The Trust is withdrawing the Amendment because it has elected not to proceed with the registration process for the new series associated with the Amendment. “<\/p><\/blockquote>\n

This was revealed on Friday through SEC filings, with the agency reiterating that the firms had elected not to proceed with registering their Ether-based exchange-traded funds.<\/p>\n

This was startling news for many in the ETH community. Especially since the aforementioned applications<\/a> to launch an “Ethereum Strategy ETF” and an “Ether Strategy ETF” were filed on Wednesday.<\/p>\n

The two ETFs were aimed at increasing exposure to Ether [ETH] by investing in Futures contracts along with other exchange-traded products. Had they gone ahead with their ETFs, the two firms would have joined a league of nearly 21 crypto-ETF filings so far in 2021. Although the reason behind the firms pulling out their applications is not clear, it’s worth noting that they have also applied for Bitcoin<\/a> ETFs.<\/p>\n

SEC Chair Gary Gensler commented on ETFs earlier this month. At the time, he had said he would be more open to accepting ETFs based on crypto-futures instead of direct exposure to the digital asset. A<\/p>\n

Around that time, VanEck filed<\/a> separately for a Bitcoin “strategy” ETF, keeping in mind, the aforementioned remarks by Gensler. However, the SEC is still mulling over approving any exchange-traded fund right now.<\/p>\n","protected":false},"excerpt":{"rendered":"

Asset management firm VanEck was in the news a few days ago after it filed an application with the United States Securities and Exchange Commission [SEC] for an Ethereum exchange-traded fund [ETF]. However, the firm has now decided to withdraw its application. According to VanEck’s latest filing, “The Amendment relates to VanEck Ethereum Strategy ETF,Continue reading “VanEck, ProShares withdraw their Ethereum ETF applications”<\/span><\/a><\/p>\n","protected":false},"author":22,"featured_media":178376,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[32,66,3,4,20],"tags":[],"class_list":["post-178374","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nVanEck, ProShares withdraw their Ethereum ETF applications - AMBCrypto<\/title>\n<meta name=\"description\" content=\"VanEck had applied with the United States Securities and Exchange Commission [SEC] for an Ethereum exchange-traded fund [ETF]. 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