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

article-image

Source: Shutterstock

share
  • 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 ETF.com, 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.

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Figure, founded by former SoFi CEO Mike Cagney, has emerged as a leader in onchain RWAs, with ~$17.5B publicly tokenized. The platform’s ecosystem volume is growing ~40% YoY as it expands beyond HELOCs into student loans, DSCR loans, unsecured loans, bankruptcy claims, and more. Operationally, Figure cuts average loan production cost by ~93% and compresses median funding time from ~42 days to ~10, creating a durable speed-and-cost advantage.

article-image

In bonds, stablecoins and billionaires, a reminder of what makes crypto special

article-image

21Shares exec says CPI and PPI data supports a Fed rate cut, with market leaning toward a 25bps decrease

article-image

The Ethereum co-founder suggested LINEA holders would be eligible for other airdrops in cryptic tweet

article-image

The layer-2’s biggest release yet brings benefits — but a post-upgrade outage caused a chain reorg

article-image

Crypto is shifting into risk-on mode — pump.fun dominates meme activity, while Lido leans on treasury maneuvers

article-image

If the president breaks the Fed, he’ll own the budget problems