Grayscale withdraws 19b-4 application for Ethereum futures ETF

Grayscale filed a notice with the U.S. SEC on May 7 to withdraw its 19b-4 application for an Ethereum futures ETF, with only three weeks left before the SEC was forced to make a decision on its application. The SEC was scheduled to make a final decision on the Grayscale Ethereum futures ETF on May 30. Grayscale originally filed a 19b-4 application on September 19, 2023, hoping to list its Ethereum futures ETF on the New York Stock Exchange. Bloomberg ETF analyst James Seyffart initially believed that Grayscale planned to strategically use its Ethereum futures ETF as a "Trojan Horse" to force the SEC to approve its Ethereum spot ETF. But he is confused as to why Grayscale is withdrawing its application now, as the SEC will be forced to decide on May 23 whether to approve at least one application for an Ethereum spot ETF. (Cointelegraph)