what do ppl want to understand about the eth ETF situation? AMA

compliance hurdles or just career risk from the person bringing the idea from the investment committee most likely

but what the ETF opens up is not just institutions but more like all the retirement accounts + financial advisors (like if you have 30 clients how on earth do you manage that workflow going direct)

What's the primary reason an institutional investor isn't buying BTC / ETH directly vs. waiting until an ETF?

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every issuer is removing staking from their prospectus language so likely not happening unfortunately

How likely is it that ETH ETFs will stake their ETH and offer a dividend yield?

Seems like a major advantage over BTC ETFs (alongside PoS being more palatable to investors)

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bloomberg bros are doing great reporting is all i can say

Curious, was it really a crazy 180 policy turnabout this week, or were there signs earlier that maybe you and others couldn’t talk about publicly?

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trying to sound smart /doingnumbers

i can help add help add color or understanding to what's already public! obviously can't share anything non public but there's a decent amount that's all out there

two big questions around staking are:
1. does staking create an investment contract (is it a security)?
2. does staking create "bad income" that blows up the needed grantor trust tax status of these ETFs?

both aren't insurmountable issues but there isn't a lot of clarity around them in the US at the moment

what’s a possible argument against including staking?

does it prevent launching staking in the future?

what about restaking?

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even before FIT21, there's a good chance SAB 121 vote last week was critical. our CIO matt hougan wrote about this this week here if you're curious to read more: https://experts.bitwiseinvestments.com/cio-memos/the-shocking-alliance-that-could-drive-us-to-new-all-time-highs

Could the 180 be in part from the house of reps signaling they will pass FIT21?

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three judges at the second appeals court in DC (a very respected court with respected judges) *unanimously* ruled that the SEC acted "arbitrarily and capriciously" in rejecting spot ETFs for a decade in the US

it's politicized to the degree that courts need to step in is where we are

anybody's guess is as good as mine on this but if grayscale decides to maintain a similar fee level for ETHE as they did for GBTC then hard to imagine not seeing similar dynamics play out

is the grayscale situation likely to repeat?

a lot of in cash redemptions to save in the fees?

can't give a public prediction but market likely not wrong

BUT keep in mind what's being discussed now is the 19b4 but there's a disclosure document called the S-1 that needs to be green lit as well. that could take some time.

Toss a coin, approved or not approved by Thursday?

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Does prediction market work? 
https://polymarket.com/event/ethereum-etf-approved-by-may-31/ethereum-etf-approved-by-may-31?tid=1716349359282

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haha ty! i’m sure we’ll find out surprising buyers for eth as well

If Wisconsin public pension is buying BTC, which state is going to step up to the plate and add ETH? 

Kidding.

Really enjoyed this AMA.

Best thing I’ve seen on FC in a spell.

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no last time there was already a lot of iteration on the s-1 by this point and the s-1s were green lit the same time as the 19b4 approval. it just haven’t gotten the same attention this time with all of this being a bit sudden

Did the BTC etf need the same S-1 but it didn’t hold up anything that time? Why would it this time around? What was different about ETH? The staking question?

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what we're discussing now is 19b4s but there's a separate disclosure document called the S-1 that needs to be worked on (hasn't had much iteration yet) so could take some time

more context: https://twitter.com/SGJohnsson/status/1793020323245261239

what’s the lagtime between approval and pension funds being able to buy?

how do you think institutional investors view ETH vs BTC ? is it going to be more or less the same people buying both, or a small subset of investors/managers will be interested in adding risk by buying ETH?

what would be the situation if the first few were denied then one of the later ones were approved like greyscale or blackrock being the first for whatever reason.

I know you've answered the staking question multiple times, but im curious if there is a path for these ETFs to add staking eventually. 

Would it require new ETFs being formed?

Thanks!