Leading crypto asset manager Grayscale has abandoned its plan to offer an exchange-traded fund (ETF) for Ethereum futures, withdrawing its rule change application to the Securities and Exchange Commission (SEC) on Tuesday.

The notice of withdrawal for the proposed Grayscale Ethereum Futures Trust ETF does not articulate why Grayscale changed its plans, only recounting the multiple delays invoked by the SEC since it was first filed September 19, 2023. The federal regulator declared it would need more time to review the proposal on November 15, December 18, and finally March 22 of this year.

James Seyffart, ETF analyst for Bloomberg, said it was an interesting move.

“This was essentially a trojan horse filing in my view, in order to create the same circumstances that allowed Grayscale to win the GBTC lawsuit,” he said.

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Author: Ryan Kawailani Ozawa

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