Grayscale seeks SEC approval for three crypto funds

Asset manager Grayscale has launched three new crypto funds and hopes to get approval from the U.S. Securities and Exchange Commission. The parties are still in litigation.

Asset manager Grayscale has launched three new crypto funds (ETFs) for approval submitted to the U.S. Securities and Exchange Commission (SEC). The new funds are an Ethereum Futures ETF, a Global Bitcoin Composite ETF and a Privacy ETF.

The company announced on May 9 also announced a new line of business. Called the Grayscale Funds Trust, a trust that allows the company to internally manage many of its publicly traded financial products.

Until the registration statement for the Grayscale Funds Trust is approved by the SEC, none of the three ETFs will be available for purchase by the public.

Grayscale and the SEC are currently in litigation. The agency had rejected the conversion of the $17 billion Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF product.

As a result Grayscale sued the SEC. A U.S. court has now been called to review the agency's decision.

The SEC has so far approved a number of Bitcoin futures ETFs. However, applications for a Bitcoin spot investment product have so far been consistently rejected by the agency.