PANews reported on May 9 that 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 its application because many futures products are already available to investors; sometimes we apply for a product, which does not necessarily mean that it will enter the market.

Sonnenshein said that while it is difficult to know what the U.S. SEC thinks about Ethereum, Grayscale is "optimistic that the SEC will make the right decision for investors." He added: "Grayscale Ethereum Trust is already a company that files reports with the SEC. We file 10-K and 10-Q (documents disclosed to the SEC), and we are always a company that pushes regulators to allow cryptocurrencies to be further included in the regulatory scope."

Earlier yesterday, it was reported that Grayscale had withdrawn its Ethereum futures ETF application to the US SEC.