Breaking: Grayscale and Bitwise File To Launch Options On Ethereum ETF
Highlights
- Grayscale and Bitwise are in the race to launch Options on Ethereum ETF
- Options on crypto ETF is generally out of the SEC's comfort zone
- Will growing demand and US election force a shift in stance?
Grayscale Investments and Bitwise have submitted filings with the US Securities and Exchange Commission (SEC) to list Options products on their spot Ethereum ETF offering. According to a filing lodged by both asset managers, the New York Stock Exchange (NYSE) is contracted as the stock trading platform to list the products, if approved.
Options on Spot Ethereum ETF: The Challenge
This demand for a rule change to list Options on spot Ethereum ETF comes after the markets regulator has approved the base product. However, institutional investors want more than just the original ETF offering. Growing demand has now pushed Ethereum ETF issuers like BlackRock, and now Grayscale to make move for the product.
Options on crypto ETF remains a gray area for the Gary Gensler-led markets regulator. While it took a lot of concessions to permit Bitcoin and ETH ETFs, the risky nature of an Options linked crypto fund sounds far fetched.
However, proponents of this product argue that with traditional investment products linked to Options, then it is the right for crypto versions as well. With the filing lodged, comments on the filings are notably due in 21 days.
As the NYSE argued, the listing and eventual trading of Options on Grayscale Ethereum Trust (ETH) will offer investors more exposure to the coin. Additionally, the same holds true for Bitwise Ethereum ETF and Grayscale Ethereum Trust Mini. With Grayscale and Bitwise among the top issuers of this product, their combined weight and influence for approval might sway the market regulator into reconsidering its stance.
That BlackRock is also joining this bid is also a strengthening factor based on its precedents. Though the options bid on spot Bitcoin ETF has not gained approval yet, this might not impact Ethereum’s chances moving forward.
Right Time for Grayscale ETF Expansion?
The Grayscale move to exchange its ETF product suit is timely. There is a lot of focus on the digital currency ecosystem at the moment with the Donald Trump and Kamala Harris election showdown.
The industry is also currently in celebratory mode today as Judge Analisa Torres issued her verdict on Ripple lawsuit against the US. The Judge ordered the blockchain payments firm to pay a fine of $125 million for selling XRP to institutional investors.
Following the ruling, CEO Brad Garlinghouse says the company will now focus on growth initiatives moving forward.
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