Ethereum ETF approval should be approved with the same argument that won the Bitcoin ETFs, said Galaxy Digital CEO Michael Novogratz.

In a CNBC interview, Novogratz said that while the U.S. Securities and Exchange Commission is “fiercely” debating whether to approve Ethereum exchange-traded funds, those should be approved under the same argument that won the Bitcoin ETFs.

Also, “there already is a futures Ethereum ETF [market], so, if you have it for futures, you have to have it for cash,” he said.

Recently, Bloomberg analysts reduced the likelihood of a spot Ethereum ETF being approved by the SEC by May from 70% to 30%.

Ethereum futures ETF:

• ProShares Ether Strategy ETF (EETH) - Up 65.94% year-to-date.
• VanEck Ethereum Strategy ETF (EFUT) - Up 45.40% year-to-date.
• Bitwise Ethereum Strategy ETF (AETH) - Up 66.41% year-to-date.
• ARK 21Shares Active Ethereum Futures Strategy ETF (ARKZ) - Up 67.63% year-to-date.