WisdomTree To 3-Year Withdraw Ethereum Trust Registration Statement

American
investment
company
WisdomTree
has
requested
to
withdraw
its
Ethereum
Trust
registration
statement
three
years
after
submission
to
the
US
Securities
and
Exchange
Commission
(SEC).
This
development
comes
a
few
hours
after
fellow
asset
manager
VanEck
closed
down
its
Ethereum
futures
ETF
citing
a
lack
of
demand.

WisdomTree
To
Terminate
Ethereum
ETF
Registration 

In
a
filing
on
September
6,
WisdomTree
approached
the
SEC
to
retract
the
S-1
registration
form
of
the
exchange-traded
fund
known
as
“WisdomTree
Ethereum
Trust”.
The
American
asset
manager
first
filed
this
registration
statement
on
May
27,
2021,
seeking
to
launch
an
ETF
that
offered
investors
exposure
to
Ethereum
but
with
lower
costs
and
fewer
liabilities. 

A
statement
from
the
application
read:

In
seeking
to
achieve
its
investment
objective,
the
Trust
will
hold
ether
and
will
value
its
Shares
daily
based
on
the
[CF
Ether-Dollar
US
Settlement
Price],
which
is
an
independently
calculated
value
based
on
an
aggregation
of
executed
trade
flow
of
major
ether
spot
exchanges.”

The
“WisdomTree
Ethereum
Trust”
was
to
be
traded
on
the
Chicago
Board
Options
Exchange
(Cboe)
with
the
proposed
maximum
aggregate
offering
price
of
$1,000,000. 

Three
years
later,
WisdomTree
has
moved
to
withdraw
the
registration
statement
of
this
ETF
alongside
all
relevant
exhibits.
The
asset
manager
states
that
no
securities
in
relation
to
the
said
application
have
been/will
be
sold
to
investors.

In
addition,
WisdomTree
has
acknowledged
that
the
filing
fees
for
this
registration
statement,
valued
at
$109.10,
cannot
be
refunded.
They
have
also
requested
that
these
fees
be
directed
toward
future
use. 

As
earlier
stated,
WisdomTree’s
announcement
comes
shortly
after
VanEck
unveiled
plans
to
shut
down
its
VanEck
Ethereum
Strategy
ETF
(EFUT),
an
investment
fund
based
on
Ethereum
futures
contracts.
According
to
VanEck,
this
decision
is
based
on
an
analysis
of
several
factors
including
“performance,
liquidity,
assets
under
management,
and
investor
interest”.  Trading
activity
on
EFUT
will
come
to
a
halt
on
September
16,
followed
by
shares
liquidation
on
or
about
September
23.

ETH
Spot
ETF
Market
Sees
$6
Million
In
Loss

In
other
news,
the
Ethereum
spot
ETF
market
had
recorded
an
outflow
of
$6
million
in
the
last
day
according
to
data
from
Farside
Investors.
The
total
cumulative
net
flows
of
the
nascent
market
now
stand
at
-$568.5
million
despite
holding
over
2%
of
the
Ethereum
market.
Meanwhile,
data
from
CoinMarketCap
shows
Ethereum
trades
at
$2,237
following
a
6.64%
decline
in
the
last
day. 

Featured
image
from
Markets
Insider,
chart
from
Tradingview