Grayscale CEO Michael Sonnenshein said on Wednesday that the company will focus on converting its Ethereum Trust Fund — the world’s largest Ethereum Trust Fund — into a spot exchange-traded product, BlockBeats reported.
“At Grayscale, we decided to focus our efforts on our spot product. It’s really at the core of our DNA,” Michael Sonnenshein said during an event hosted by the Financial Times in London.
On Tuesday, the crypto-native asset management company withdrew its application to the U.S. Securities and Exchange Commission to offer an Ethereum futures ETF. The company submitted the application in October last year. Michael Sonnenshein said that the asset management company withdrew the application because there are already many futures products for investors to choose from.
“Sometimes we file for a product. But that doesn’t mean it will go to market,” Michael Sonnenshein said.
