Grayscale CEO: Grayscale will focus on Ethereum spot products

Grayscale Investments CEO Michael Sonnenshein said at an event in London hosted by the Financial Times on Wednesday that the company will focus on converting its Ethereum Trust to a spot ETF product. Sonnenshein said: "At Grayscale, we decided to focus our efforts on our spot products. This is really the core of our DNA." His company is withdrawing the application because many futures products are already available to investors, "Sometimes we apply for a product, which does not necessarily mean that it will enter the market." Sonnenshein said that while it is difficult to know what the US SEC thinks of Ethereum, Grayscale is "optimistic that the SEC will make the right decision for investors." He added: "Grayscale Ethereum Trust is already a company that files reports with the SEC. We file 10-K and 10-Q (documents disclosed to the SEC), and we are always a company that pushes regulators to allow cryptocurrencies to be further included in the regulatory scope." (DL News) Yesterday, Grayscale submitted a notice to the US SEC on May 7 to withdraw its 19b-4 application for Ethereum futures ETFs, with only three weeks left before the SEC was forced to make a decision on its application. FOX reporter Eleanor Terrett posted on the X platform that Grayscale has never submitted an S-1 application for its Ethereum futures ETF, so the application is incomplete. The SEC may want to see if a completed futures application will appear before considering its spot application. It also said that investor demand for existing Ethereum futures ETFs has been relatively sluggish since its launch last year.