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WisdomTree has formally requested the withdrawal of its S-1 filing for a spot Ether exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). This request comes more than three years after the initial submission of the registration statement on May 27, 2021. According to the filing submitted on September 6, WisdomTree confirmed that no securities have been issued or sold under this registration statement.
The asset manager acknowledged that while a refund for the SEC fees associated with the filing will not be provided, the firm has requested that these fees be applied as a credit for future use. The spot {Ethereum} (ETH) ETF was originally proposed for listing on the Chicago Board Options Exchange’s BZX Exchange. At the time of the initial filing, WisdomTree highlighted the maturation of the Ether market, drawing parallels with the evolving Bitcoin market in terms of efficiency and scale.
On the same day, VanEck, another asset management firm, announced the closure of its futures-based Ether ETF, citing insufficient demand and a shift towards spot cryptocurrency ETFs. VanEck's decision was influenced by several factors including performance, liquidity, assets under management, and investor interest. According to a statement released on September 6, shares of the VanEck Ethereum Strategy ETF (EFUT) will cease trading on September 16, with the fund's assets expected to be liquidated and returned to shareholders around September 23.
This development reflects a broader trend within the cryptocurrency ETF market, where spot-based funds are gaining prominence compared to their futures-based counterparts. The closure of VanEck’s ETF and WisdomTree's withdrawal of its filing highlight the evolving landscape and investor preferences in the cryptocurrency sector.
