WisdomTree and VanEck have made significant decisions regarding their crypto products, reflecting current market shifts and challenges in the digital asset space.
WisdomTree Withdraws Ethereum Trust Filing
Asset manager WisdomTree has withdrawn its Ethereum Trust S-1 registration filing from the U.S. Securities and Exchange Commission (SEC), over three years after its initial submission. The withdrawal request, submitted on September 6, 2024, confirmed that no securities had been issued or sold under the registration statement. The original filing, made in May 2021, aimed to list Ethereum ETF shares on the Chicago Board Options Exchange’s BZX Exchange.
VanEck Closes Ethereum Futures ETF
Coinciding with WisdomTree’s withdrawal, asset manager VanEck announced the closure of its Ethereum Futures ETF due to concerns over its performance and investor interest. The company will continue to assess the market and may introduce new products in the future.
WisdomTree's Next Steps
Despite the withdrawal, WisdomTree continues its presence in the crypto market with UK-approved Bitcoin and Ethereum ETPs. The company noted the increasing maturity of the Ethereum ecosystem, suggesting it was approaching the efficiency and scale of the Bitcoin market. In its withdrawal request, WisdomTree acknowledged it would not receive a refund for fees paid to the SEC. However, the firm asked for these fees to be credited for future use.
WisdomTree and VanEck's decisions highlight current strategic shifts and challenges in the rapidly evolving cryptocurrency market. Both companies continue to adapt to new conditions and directions for growth.
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