- Grayscale filed an amendment to its Spot Ethereum ETF, a Form 19b-4.
- As one of the largest crypto asset managers, Grayscale says investors deserve access to Ether in the form of a Spot ETF.
- Ethereum price trades sideways at $3,686, taking nearly 2% loss on Saturday.
Grayscale manages $10.87 billion in assets in its Ethereum Trust, and the asset manager recently amended its filing for a Spot Ethereum ETF.
Grayscale’s lawsuit was one of the key driving forces behind the Spot Bitcoin ETF approval, the amendment filed by the asset manager could be a sign of the Securities and Exchange Commission moving things along in the process of deciding upon a Spot Ethereum ETF, according to crypto experts on X.
Also read: Ethereum ecosystem needs a major mindset shift for global impact, says Vitalik Buterin
Grayscale files amendment to its Spot Ethereum ETF
Grayscale intends to convert its Ethereum Trust to a Spot Ethereum ETF. The asset manager announced that it filed an amendment and took an important step to uplist ETHE to the NYSE Arca.
We just filed Grayscale #Ethereum Trust's amended Form 19b-4 filing. This is an important step in our effort to uplist $ETHE to @NYSE.
— Grayscale (@Grayscale) March 15, 2024
More from @CraigSalm https://t.co/y5Mg1bvqU8
Grayscale believes that investors deserve access to Ethereum in the form of a Spot Ethereum ETF and the asset manager builds a strong case for the same, just as it did for Spot Bitcoin ETFs.
Grayscale asserts that the Chicago Mercantile Exchange’s (CME) surveillance on Ethereum was sufficient to safeguard investors. Further, there is a strong correlation between Ethereum’s Spot and Futures markets, therefore the SEC must approve Spot Ethereum Exchange Traded Product (ETP) on the same basis as it did for the futures product.
At the time of writing, Ethereum price is down nearly 3% on the day. The altcoin is trading sideways, at $3,686 on Saturday, after successful completion of its Dencun upgrade.
(This story was corrected on March 17 at 13:55 GMT to say "just as it did for Spot Bitcoin ETFs," not "Spot Ethereum ETFs.")
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Three Arrows Capital demands $1.5B increase in the FTX lawsuit
Liquidators managing Three Arrows Capital's (3AC) bankruptcy have filed a motion to raise their claim against FTX from $120 million to $1.53 billion. Bloomberg reports that FTX allegedly liquidated and seized around $1.33 billion in assets from the hedge fund to settle debts just two weeks before 3AC’s collapse.
Missing crypto influencer Kevin Mirshahi found dead in Montreal Park
Authorities report that the remains of Kevin Mirshahi, a prominent crypto influencer who was abducted in June, have been found in a Montreal park. Local police informed “The Gazette” that a passerby found the grim discovery on October 30 in Île-de-la-Visitation Park.
XRP struggles near $0.7440, could still sustain rally after Robinhood listing
Ripple's XRP open interest has declined by over 10% in the past 24 hours. Robinhood's listing of XRP could serve as a catalyst for renewed demand. XRP continues to struggle near historically strong resistance after sustaining another rejection at $0.7440.
Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone
After reaching a three-year peak of $0.43 on November 12, Dogecoin price wobbled 13% to find support at the $0.38 level on Wednesday. Miners capitalized on Trump’s recent D.O.G.E confirmation statement to offload 620 million DOGE in the last three days.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.