Grayscale Submits Vital Amendment for Spot Ethereum ETF

Crypto News– According to Craig Salm, Chief Legal Officer at Grayscale, the company has filed an amended Form 19b-4 for its Ethereum ETF application, marking a pivotal step in Grayscale’s endeavor to launch trading of ETHE on the New York Stock Exchange (NYSE) Arca.

Grayscale Submits Vital Amendment for Spot Ethereum ETF

In a statement on X, Salm emphasized that investors are eager to gain access to Ethereum through a spot Ethereum ETF, asserting that the case for an Ethereum ETF is as compelling as it was for spot Bitcoin ETFs.

Grayscale initiated the process of establishing a spot Ethereum ETF back in October, filing with the SEC to transition its ETHE to a spot Ethereum ETF. However, the SEC has kept Grayscale’s ETH ETF application under review, citing ongoing scrutiny. The regulatory body has imposed several deadlines, allowing ample time for evaluation, with the next deadline scheduled for May 2024. This aligns with the SEC’s procedural approach, mirroring the steps taken before it approved spot Bitcoin ETF proposals earlier in the year.

The potential approval of the spot Ethereum ETF could mark a significant milestone in the current bullish cycle for the leading altcoin. Many anticipate a comparable impact to the spot Bitcoin ETF, which spurred increased inflows into Bitcoin.

At the time of reporting, ETH was trading at $3,720, reflecting a 10% decrease from its recent peak of $4,095, according to TradingView data. Despite this, many in the crypto community anticipate that ETF approval could catalyze substantial growth in ETH, alongside the forthcoming Bitcoin halving, expected to influence the broader cryptocurrency market.