Grayscale Has Filed For New ‘33 Act Ether Futures ETF

Key Points:

• Grayscale files for an ether futures ETF, seeking SEC approval.
• The move hints at a shift to spot ether and raises questions about ETHE’s conversion.
• Bitcoin and Ethereum Trusts trade at discounts, highlighting ETF advantages.

Grayscale’s filing for an ether futures ETF sparks interest, signaling a potential shift and raising questions about their Ethereum Trust’s future.

Grayscale Investments has filed for a new exchange-traded fund (ETF) that tracks ether futures, seeking regulatory approval from the Securities and Exchange Commission (SEC).

Firstly, it opens the possibility of switching to holding spot ether once the SEC becomes more comfortable with the concept. Secondly, it raises questions about Grayscale’s longer-term plans concerning the conversion of its Ethereum Trust (ETHE), which currently holds around $5 billion in assets, into an ETF.

The distinction between the ’33 Act and ’40 Act filings is worth noting. Grayscale’s decision to file under the Securities Act of 1933, the same regulation used for commodities and spot bitcoin ETFs, reflects the SEC’s previous approval of bitcoin futures ETFs registered under both acts. This suggests a level of comfort with bitcoin futures in the regulatory landscape.

Additionally, Brazilian investment firm Hashdex also filed for an ETF tied to ether futures under the ’33 act recently. Additionally, a dozen other asset managers have filed for ether futures-related ETFs under the ’40 act, potentially hitting the market in October if approved.

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