American investment firm WisdomTree has asked to withdraw its Ethereum Trust registration statement three years after filing it with the U.S. Securities and Exchange Commission (SEC). This comes hours after another asset manager VanEck closed its Ethereum futures ETF, citing a lack of demand.
WisdomTree Completes Ethereum ETF Registration
IN filing On September 6, WisdomTree filed a motion with the SEC to withdraw the S-1 registration form of the ETF known as the “WisdomTree Ethereum Trust.” The U.S. asset manager first filed this registration statement dated May 27, 2021 to launch an ETF that would offer investors exposure to Ethereum but with lower costs and fewer liabilities.
The statement made in the application was as follows:
In pursuit of its investment objective, the Trust will hold ether and will value its Shares on a daily basis [CF Ether-Dollar US Settlement Price]“which is an independently calculated value based on the aggregation of realized trade flows of the major Ether exchanges.”
The shares of the “WisdomTree Ethereum Trust” were to be traded on the Chicago Board Options Exchange (Cboe) at a proposed maximum aggregate offering price of $1,000,000.
Three years later, WisdomTree filed to withdraw the registration statement of this ETF with all relevant evidence. The asset manager states that no securities related to this application have been/will be sold to investors. In addition, WisdomTree confirmed that the fees for filing this registration statement, valued at $109.10, are non-refundable. They also requested that these fees be applied to future operate.
As mentioned earlier, the WisdomTree announcement came shortly after VanEck exposed plans to close its VanEck Ethereum Strategy ETF (EFUT), an investment fund based on Ethereum futures contracts. VanEck said the decision is based on an analysis of several factors, including “performance, liquidity, assets under management, and investor interest.” Trading in EFUT shares will cease on September 16, and liquidation of the shares will occur on or around September 23.
ETH Spot ETF Market Records $6 Million Loss
In other news, the Ethereum spot ETF market saw an outflow of $6 million over the past day, according to data from Farside Investors. The nascent market’s total cumulative net flows currently stand at -$568.5 million, despite holding over 2% of the Ethereum market. Meanwhile, data from CoinMarketCap shows Ethereum trading at $2,237 after falling 6.64% over the past day.
Featured image from Markets Insider, chart from Tradingview
