Grayscale to Launch Ethereum Spot ETF Trading on 18 July
Grayscale confirmed that all hurdles for the approval of its ETH spot ETF have been cleared, and trading is now scheduled to begin on July 10, 2024.
Grayscale is a leading digital asset fund manager, best known for its Bitcoin Trust (GBTC). It enables investors to gain exposure to cryptocurrency markets through traditional investment channels. Grayscale was the first to force the SEC to approve a Bitcoin spot ETF via a clear legal victory, following multiple rejections of its Bitcoin spot ETF applications.
On 8 July 2024, Grayscale Investments announced the near completion of its Ethereum spot ETF, set to trade on NYSE Arca under the ticker “ETHE,” pending regulatory approval. The move follows the successful creation of Grayscale Ethereum Mini Trust shares for current Grayscale Ethereum Trust shareholders.
Outlook for Other ETF Issuers
The approval of Grayscale’s Ethereum spot ETF could pave the way for other issuers to follow, although success depends on meeting stringent regulatory requirements and market conditions.
Bloomberg ETF expert Eric Balchunas also shared his opinion on this matter & said that the SEC requested the S-1 forms on July 8th but informed issuers that the fee wasn’t required yet. They will soon provide guidance and a plan. Once issuers get the feedback and fill in the necessary details, including the fee, the process will proceed quickly.
Just a day ago, ETF Store president Nate Geraci predicted that the SEC would approve ETH spot ETF products for trading by July 15.
Ethereum (ETH) price action
Following this news the trade price of ETH coin surged by 2.75%. The current trade price of ETH is $3,018 & this price is 18% down over the last 30 days period.
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