Grayscale CEO: The company will focus its efforts on the Ethereum spot product

PANews reported on May 9th, according to DL News, Grayscale Investments CEO Michael Sonnenshein said at an event in London hosted by the Financial Times on Wednesday that the company will focus on converting its Ethereum trust fund into a spot ETF product. The company is withdrawing applications because many futures products are already available for investors. Sometimes we apply for a product, but it doesn't necessarily mean it will enter the market.

Sonnenshein stated that although it's hard to know what the U.S. SEC thinks about Ethereum, Grayscale optimistically believes that "the SEC will make the right decision for investors." He added: "Grayscale Ethereum Trust is already a company reporting to the SEC. We submit 10-K and 10-Q (documents disclosed to the SEC), and we have always been a company pushing regulators to allow cryptocurrencies further into their regulatory scope."

The news from yesterday was that Grayscale has withdrawn its application for an Ethereum futures ETF with the US SEC.