Proposal for Grayscale's Ethereum Futures Trust ETF has been withdrawn

A proposal to list and trade shares of Grayscale's ether futures exchange-traded fund has been withdrawn, according to a new document filed on Tuesday.

The application for the Grayscale Ethereum Futures Trust ETF, which was filed by NYSE Arca, Inc., in September last year, was withdrawn on May 3, according to a Securities and Exchange Commission filing.It is unclear why the proposal was withdrawn. NYSE Arca declined to comment. Grayscale did not immediately respond to a request for comment.

The SEC has previously delayed considering Grayscale's ether futures ETF, the most recent being in March. Yet the SEC previously greenlit a batch of ether futures ETFs in October 2023, including from ProShares, VanEck and Bitwise.The SEC has delayed making a decision on spot Ethereum ETFs, including one from Grayscale, over the past few weeks. The most recent delay was on Monday, pushing back the timeline for the Invesco Galaxy Ethereum ETF to July 5.

Optimism for the SEC approving such a product has dwindled over the past few months. For example, Bloomberg ETF analyst Eric Balchunas has lowered his estimate of the chances of a spot Ethereum ETF approval by late May from about 70% to 25%.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space.

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