Bloomberg ETF analyst James Seyffart believes that Grayscale Investments’ application for an Ether futures exchange-traded fund (ETF) is a strategic move to pressure the United States Securities and Exchange Commission (SEC) into approving its spot Ether ETF. Seyffart suggests that if the SEC approves Grayscale’s futures ETF, it would give the asset manager leverage to argue for the approval of its spot Ether ETF. On the other hand, if the SEC denies Grayscale’s bid, the company could argue that the SEC is treating Bitcoin and Ether futures ETFs differently. Seyffart sees this as a clever tactic by Grayscale to put the SEC in a difficult position. He also notes that Grayscale’s filing of the Ether futures ETF through a 19b-4 form is unusual, as none of the previously approved Ether ETFs went through this process. Seyffart speculates that Grayscale is using the Ether futures ETF as a “trojan horse” to obtain a 19b-4 order from the SEC. Both Seyffart and Scott Johnsson of Van Buren Capital General believe that Grayscale is unlikely to launch the Ether futures ETF but is using it as a means to push for approval of its spot Ether ETF. The SEC recently delayed its decision on Grayscale’s Ether futures ETF, and Seyffart was not surprised by this delay. He also notes that Hashdex’s application to convert its Bitcoin futures ETF into a spot product was also put on hold by the SEC. BlackRock has expressed a similar view to Seyffart, arguing that there is no legitimate reason for the SEC to treat cryptocurrency spot and futures ETF applications differently.