WisdomTree Requests SEC to Withdraw Its Spot Ether ETF S-1 Application

WisdomTree asked the SEC to cancel its spot ETH ETF registration soon after VanEck announced the termination of its futures ETF.

Asset manager WisdomTree has requested the US Securities and Exchange Commission (SEC) to withdraw its S-1 application filing to issue spot ETH ETFs (Exchange Traded Funds). It initially applied three years ago.

In a filing with the regulator on September 6, WisdomTree mentioned, “The Registration Statement was originally filed on May 27, 2021. The Company confirms that no securities have been or will be issued or sold pursuant to the Registration Statement.” The asset manager acknowledged that no refund would be made for the fees submitted to the SEC, requesting the regulator to route those funds for future use instead.

WisdomTree applied for registration in May 2021 for its Ethereum Trust to be listed on the Chicago Board Options Exchange’s BZX Exchange. It acknowledged then that the Ether market has grown to similar scales as the bitcoin market, thus proving to be a great opportunity to offer spot ETH ETFs.

Despite its application withdrawal, WisdomTree offers multiple products in the US and elsewhere, like spot BTC ETFs in the US and BTC- and ETH-based ETNs (Exchange Traded Notes) in the UK.

VanEck Announced the Termination of Its EFUT Fund Not Too Long Before WisdomTree’s Development

As that occurred, competitor VanEck announced that it would terminate its futures-based ETH ETF on the same day as WisdomTree canceled its registration. VanEck’s EFUT will stop trading on September 16, and shares will be liquidated on September 23. The asset manager cited its closure of the EFUT for numerous reasons, “including performance, liquidity, assets under management, and investor interest.”

The withdrawal of WisdomTree’s application and ending of VanEck’s futures products comes when the SEC exhibits caution dealing with ETH ETFs. Its worries stem from factors like market manipulation, investor protection, and oversight over crypto exchanges.

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