On August 3rd, ProShares became the latest organization to apply for a license to launch an Ethereum ETF, joining the ranks of Bitcoin and Ether Equal Weight Strategy ETF. This is ProShares’ fourth ETF with Ethereum futures contracts, bringing the total number of Ethereum ETF applications to 11.
Bitwise also filed an application for the Bitcoin and Ether Equal Weight Strategy ETF on August 3rd, while both ProShares and Direxion submitted additional ETF applications on the same day. Nate Geraci, President of ETF Store, predicted that the demand for ETH futures ETFs would likely be limited before further additions.
Regarding the wave of ETF applications this week, analyst Seyffart suggested that these applications might be withdrawn by the end of the following week. He believes that these companies may have had these products ready and simply needed to submit them. The cost of filing and withdrawing is relatively small, especially when compared to the slower launch timelines of competitors, which could be a reason for this trend.
Analyst Elliott Stein added that if the SEC loses the Grayscale lawsuit, it’s possible that they may approve all Bitcoin Spot ETF applications simultaneously, including Grayscale and the other eight applications.