Thursday, April 18, 2024

Grayscale Pushes for Spot Ethereum ETF as ETH Stalls Below $3,700.

In its Ethereum Trust, Grayscale manages assets worth a total of $10.87 billion, and the asset management recently made some changes to its application for a Spot Ethereum exchange-traded fund.

The revision that was submitted by the asset manager could be a hint that the Securities and Exchange Commission is moving things forward in the process of deciding upon a Spot Ethereum ETF. According to crypto specialists on X. Grayscale’s lawsuit, this was one of the primary driving forces that led to the adoption of the Spot Bitcoin ETF.

Grayscale files an amendment to its Spot Ethereum ETF

One of Grayscale’s goals is to transform its Ethereum Trust into a Spot Ethereum Exchange-Traded Fund. ETHE was uplisted to the NYSE Arca, and the asset manager made the announcement that it had submitted an amendment and taken an important step towards doing so.

Grayscale is of the opinion that investors should have access to Ethereum in the form of a Spot Ethereum ETF, and the asset manager is making a compelling argument for the same, just as it did for Spot Bitcoin ETFs.

Grayscale thinks that the Chicago Mercantile Exchange’s (CME) surveillance of Ethereum was sufficient to protect investors. In addition, because there is a solid connection between Ethereum’s spot market and its futures market, the Securities and Exchange Commission (SEC) is required to grant approval for the spot Ethereum Exchange Traded Product (ETP) on the same grounds that it granted approval for the futures product.

At the time of this writing, the price of Ethereum had decreased by around three percent that day. Following the successful completion of the Dencun upgrade, the alternative cryptocurrency is currently trading just below $3,686 on Saturday.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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