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Withdrawal of Ether Futures ETF Proposals Good Sign for Bitcoin Futures ETF: Analyst

Bloomberg Intelligence’s James Seyffart thinks a bitcoin futures ETF could get approved as soon as October.

Jan van Eck, president and CEO of VanEck
Jan van Eck, president and CEO of VanEck

The abrupt withdrawal last week by VanEck and ProShares of proposals for ether futures exchange-traded funds (ETF) bodes well for the U.S. Securities and Exchange Commission soon approving a bitcoin futures ETF, according to Bloomberg Intelligence’s ETF analyst James Seyffart.

  • VanEck and ProShares both pulled their applications just two days after filing them, suggesting the SEC reached out to the issuers and indicated an ether futures fund was not likely to be approved, Seyffart wrote in a note on Tuesday.
  • But the fact that both companies’ bitcoin futures ETF filings, as well as those of several other firms, remain active is a positive for their prospects, according to Seyffart. He expects at least one bitcoin futures ETF to launch in the U.S. in the fourth quarter, perhaps as soon as October.
  • Many of those bitcoin futures ETFs were proposed after SEC Chairman Gary Gensler indicated recently that he would look more favorably upon bitcoin ETFs that only trade bitcoin futures contracts.
  • If eventual bitcoin futures ETFs are able to operate successfully, and open interest and volume in ether contracts continue to rise, Seyffart said he believes it won't be long before ether futures ETFs are approved by the SEC.


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Nelson Wang

Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.

Nelson Wang