As SEC delays approving spot bitcoin ETFs, ethereum futures get a nod
The SEC gave a big present to crypto ETF firms just ahead of the likely government shutdown, reportedly granting approval for a number of ethereum futures strategies that could start trading soon.
First on its list appears to be Valkyrie Funds, which had filed with the regulator to add ethereum futures to its existing Bitcoin Strategy ETF. Another firm, VanEck, announced Thursday that it would soon launch its Ethereum Futures ETF, declining to give a precise date. And according to reporting by Reuters, the biggest bitcoin futures ETF shop, ProShares, was also granted approval. That firm similarly announced on its site that its three ETFs featuring ethereum futures would be available soon.
The development, much as any previous indications that the SEC might be moving forward with approval of crypto-themed funds, led to a mass of additional filings for products. Other firms that essentially got in line for approval by the SEC include Kelly ETFs and Bitwise.
But the apparent approvals of ethereum futures ETF followed news that likely upset crypto fund proponents, with the SEC indicating a further delay in approving spot bitcoin products. Since Grayscale Investments’ recent court win over the SEC’s denial of its application, there has been mounting pressure on the agency to begin approving spot bitcoin ETFs.
“The SEC has been clearing their desks ahead of the possible government shutdown, which means issuing delays for spot bitcoin ETF filings while likely allowing ether future ETFs to potentially begin trading early next week,” Roxanna Islam, head of sector and industry research at VettaFi, said in an email. “It’s likely that these products will be accelerated to launch sooner than later before the government shutdown
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