VanEck, ProShares Seek to Withdraw Requests to Launch Ethereum ETFs

Firms no longer want to proceed with planned offerings that would invest in Ether futures contracts


Source: Shutterstock


key takeaways

  • The withdrawal requests suggest the SEC may have told the firms that these ETFs are unlikely to be approved anytime soon, industry watchers say
  • Issuers seeking to launch bitcoin futures ETFs have not requested withdrawals, signaling that regulators may be looking more favorably upon those products

Just two days after VanEck and ProShares each filed with the SEC to launch Ethereum ETFs, the firms have requested to withdraw their applications. 

Both planned offerings would have invested in Ether futures contracts, as well as pooled investment vehicles and exchange-traded products that provide exposure to ETH, according to SEC disclosures filed on Wednesday.

“No securities were sold in connection with the amendment and the trust has determined not to proceed with the offering of this series at this time,” a VanEck disclosure released Friday read.

A ProShares filing, sent to the SEC the same day, notes: “The trust is withdrawing the amendment because it has elected not to proceed with the registration process for the new series associated with the amendment.”

Spokespeople for ProShares and VanEck did not immediately respond to Blockworks’ request for comment.

“The assumption is that the firms have had conversations with the SEC and the regulator has told them that these ETFs are unlikely to be approved anytime soon,” Sumit Roy, crypto editor and analyst at, told Blockworks. “Notably, this hasn’t impacted any of the bitcoin futures-based ETF filings, so there is still a chance that we get a bitcoin product approved in the near future.”

Invesco and Proshares were the first to file for bitcoin futures ETFs earlier this month following remarks by SEC Chairman Gary Gensler that the SEC might favor such products. Valkyrie, VanEck and Galaxy Digital all followed suit.

Most recently, Global X filed with the SEC on Thursday to bring to market a fund that would invest in bitcoin futures, as well as the stocks on blockchain and digital asset companies.

Matt Hougan, CIO of Bitwise Asset Management, agreed that the withdrawals suggest that the SEC does not think an Ethereum futures ETF is an interesting product to consider.

“I suspect we’ll see a bitcoin futures ETF at some point in the relatively near future,“ he told Blockworks. “…I don’t know why or how [the SEC] is drawing those lines between two regulated futures products.”

Want more investor-focused content on digital assets? Join us September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket. Buy it now.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Frax report cover.jpg


Frax saw continued development in its frxETH liquid staking derivative and Fraxlend money market throughout 2023. Frax V3 introduces an RWA strategy to drive utility to the protocol's cornerstone product, the FRAX stablecoin.


Heron Finance caters to US accredited investors and uses Goldfinch credit markets on the backend


Bitcoin, up more than 160% year to date, has plenty of steam left in this rally, analysts say


Nova Labs will hope to grow Helium’s hotspot network to reduce backup coverage costs paid to T-Mobile


The LinkedIn posting states that the position would “support the Federal Reserve System’s [CBDC] Research and Development program.”


Both central banks are exploring the impact a CBDC could have on an economy


Neutron core contributor Dutheil notes this is “a period of consolidation” in the Cosmos ecosystem