Grayscale CEO: After Bitcoin ETF, Ethereum ETF Is Just A Matter Of Time

According to Grayscale CEO Michael Sonnenshein after approving the first Bitcoin ETF, the SEC will be more inclined to also approve an Ethereum ETF.

The United States saw its first Bitcoin ETF approval last week, which marked the end of an eight-year-long wait since the first bitcoin ETF was filed. ProShares’ Bitcoin Futures ETF was approved by the SEC on Monday, October 18th, marking a historic moment for the crypto market.

Along the approval of the first bitcoin ETF, naturally the discussions are focusing on when the market will see approval for an Ethereum ETF. Speculations are that the market would soon see the first ETH ETF, and Grayscale CEO Michael Sonnenshein agrees.

SEC Approving An Ethereum ETF

On Monday Sonnenshein talked on CNBC’s Squawk Box about the approval of the first Bitcoin ETF. The CEO sees this as a step in the right direction for the crypto market after the SEC gave the green light for the ETF. He pointed out that this showed that the Securities and Exchange Commission was getting more relaxed around the idea of cryptocurrencies.

Sonnenshein also said that since the regulator had approved the bitcoin ETF, it is only a matter of time before it approves an Ethereum ETF. Ethereum is the second-largest cryptocurrency in the market, which has seen a lot of interest from the investors recently, and at times outperforms Bitcoin.

Multiple firms have filed Ethereum ETFs alongside their Bitcoin ETFs. Although both VanEck and ProShares had been asked by the SEC to withdraw their Ethereum ETFs when it was considering the Bitcoin ETFs for approval. This does not mean that the ETH ETFs have no merit. At this point, the Bitcoin ETFs have taken precedence due to their long history of filings to the regulator.