Bloomberg's senior strategist believes the fact that VanEck and ProShares' bids for the Ethereum fund were withdrawn just days after they were submitted could be a good sign.
According to Eric Balchunas, such a quick response indicates the close work of the companies with the regulator. Most likely, the revocation of documents is due to the need for revision in accordance with regulatory requirements.
Once the ETF receives SEC approval, the fund will be launched in 75 days. According to Balchunas, it is most likely that ProShares will launch the first ETF.
After After SEC Chairman Gary Gensler said regulators might be more open to a Bitcoin ETF if it was based on futures rather than the cryptocurrency itself, fund managers rushed to apply for such a product. In total, more than two dozen applications were submitted, including Invesco, Mike Novogratz's Galaxy Digital and VanEck.
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