Main navigation

Grayscale CEO: SEC Likely to Approve Ethereum ETF After Greenlighting First Bitcoin Futures ETF

News
Mon, 10/18/2021 - 16:22
article image
Yuri Molchan
Head of the largest crypto asset manager believes that after approving a Bitcoin futures ETF, the SEC is likely to bring an Ethereum-based ETF to the market
Grayscale CEO: SEC Likely to Approve Ethereum ETF After Greenlighting First Bitcoin Futures ETF
Cover image via www.youtube.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News
Contents

Chief executive officer of Grayscale Investments, Michael Sonnenshein, has appeared on another CNBC’s Squawk Box show to talk about the approval of the first Bitcoin ETF by the Security and Exchange Commission.

He has shared his take on the results of the Bitcoin futures ETF approval for the crypto industry and opined on what steps the SEC may take for the industry next.

Bitcoin ETF to draw in more capital for Bitcoin products

Sonnenshein believes that the approval of the first Bitcoin futures ETF is likely to attract more capital and more investors into this ecosystem.

He also stated that the launch of the first Bitcoin ETF is very bullish for the asset class – Bitcoin.

SEC may well approve an Ethereum ETF, Sonnenshein believes

The chief of Grayscale also reckons that since the SEC has become pretty comfortable with the fact that a Bitcoin ETF will be now regulated by it, then it is highly likely that the regulator will also bring a similar Ethereum product to the market.

Earlier today, U.Today reported that the first Bitcoin futures ETF created for by ProShares will be listed on Tuesday October 19 on the New York Stock Exchange under the BITO ticker. It has met no objections from the SEC after a 75-day review. A CNBC expert Jim Cramer expects three more Bitcoin ETFs to be approved this week.

The ETF will offer investors an exposure to CME Bitcoin futures contracts.

Grayscale has also confirmed its intention to file an application to convert its Bitcoin Trust into a spot Bitcoin ETF.

Related
Grayscale Listed Three Cryptocurrency Trusts: ZCash, Stellar and Horizen

Bitcoin ETF and Chinese crypto ban

When Sonnenshein was asked if the Bitcoin futures ETF will make it hard for the Chinese crypto ban to go on, he stated that this crackdown imposed by the Chinese government is actually bullish for crypto.

This is so, the CEO states, because the ban has transferred crypto trading volumes and mining power from China to other countries and the US in particular.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.