Asset Manager and Investment Firms Abruptly Withdraw Futures-backed Ether ETF, Another Bitcoin ETF Heads to the SEC
Investment firms ProShares and VanEck have withdrawn their Ether Futures ETF that was filed only just this week.
On Wednesday, VanEck filed for an Ethereum-based ETF that would invest in Ether futures, Canada’s approved and listed Ether ETFs, private Ether funds, and ETPs with exposure to ETH. ProShares also filed for an Ether futures-backed ETF called ProShares Ether Strategy ETF on the same day.
And now before the week was even over, both the firms abruptly withdrew their applications which according to Eric Balchunas, Senior ETF Analyst for Bloomberg could be propelled by the SEC.
“As long we ONLY see the Ether ones ejected, I’d say that’s decent news for bitcoin ETF. Sort of like them saying, look, let’s baby step this, only bitcoin rn. Stop exciting the crypto trade pubs with all these filings,” said Balchunas.
$400 billion asset manager giant Neuberger Berman which filed to have its $164 million Commodity Strategy Fund to invest up to 5% in Bitcoin and Ether through futures, filed a fresh one this week to only include Bitcoin and to “replace” the original.
Earlier this month, SEC Chair Gary Gensler made remarks that suggested he would look favorably upon futures-based ETFs.
Currently, there are still a dozen physically-backed Bitcoin ETF applications filed with the SEC along with several based on Bitcoin Futures contracts.
Amidst this, a new crypto ETF has been filed with the SEC.
Investment management firm AdvisorShares that offers a range of themed ETFs submitted an application for AdvisorShares Managed Bitcoin ETF.
This ETF will not invest directly in Bitcoin but in exchange-traded futures contracts on bitcoin and collateral, as per the filing. Morgan Creek Capital will serve as the sub-advisor of the Fund.
This article is Originally posted on CoinCentral.com