As a seasoned analyst with over two decades of experience navigating the tumultuous waters of financial markets, I’ve seen many twists and turns in the ETF landscape. This latest development between WisdomTree and VanEck is intriguing, to say the least.
After VanEck suspended its Ethereum futures ETF registration, WisdomTree promptly requested the SEC to withdraw their spot Ethereum ETF registration as well.
WiseAsset, or WisdomTree as it’s commonly known, is asking the U.S. Securities and Exchange Commission (SEC) to cancel an application they submitted three years ago seeking approval for a spot Ethereum ETF (Exchange Traded Fund). In simpler terms, they’re asking the SEC to retract their request to launch an Ethereum ETF based on current market conditions.
On September 6th, WisdomTree disclosed in a filing with the regulatory body that their initial registration statement was filed on May 27, 2021. They emphasized that no shares have been or will be issued or sold based on this registration statement. Additionally, they clarified that although fees were submitted to the SEC, these funds would not be refunded but rather redirected for future purposes.
In May 2021, WisdomTree submitted an application for listing its Ethereum Trust on the Chicago Board Options Exchange’s BZX Exchange. They recognized back then that the Ethereum market has expanded to comparable sizes as the Bitcoin market, making it an attractive prospect for offering spot Ether exchange-traded funds (ETFs).
Even though it has withdrawn its application for some products, WisdomTree continues to provide a variety of offerings in the U.S. and other regions. These include Bitcoin Spot ETFs in the U.S. and Exchange-Traded Notes (ETNs) linked to both Bitcoin and Ethereum in the UK.
VanEck Announced the Termination of Its EFUT Fund Not Too Long Before WisdomTree’s Development
Following this development, VanEck, a competitor, declared it would cease trading its futures-based Ethereum ETF (EFUT) on the same day as WisdomTree. Trading for EFUT will end on September 16, with share liquidation scheduled for September 23. The decision to close EFUT was attributed to several factors such as performance, liquidity, assets under management, and investor interest.
The decision by WisdomTree to withdraw its application and VanEck to discontinue their futures products on Ethereum-based Exchange Traded Funds (ETFs) is due to the Securities and Exchange Commission (SEC) exercising caution in this area. Their concerns revolve around issues such as preventing market manipulation, ensuring investor protection, and regulating oversight over cryptocurrency exchanges.
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2024-09-08 19:39