Grayscale CEO: Grayscale will focus on spot Ethereum products

BlockBeats news, May 9, according to DL News, 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.

Michael Sonnenshein said during an event hosted by the Financial Times in London: "At Grayscale, we decided to focus our efforts on our spot products. This is really the core of our DNA."

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 apply to launch a product. But this does not mean that it will definitely be listed," said Michael Sonnenshein.