Grayscale Files Crucial Ammendment on Spot Ethereum ETF

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The SEC is Looking For an Excuse to Deny Spot Ether ETF Proposals - Analysts
  • Grayscale has submitted an amended Form 19b-4 filing for its Ethereum ETF application.
  • Grayscale’s CLO thinks the filing is crucial in upgrading ETHE for trading on NYSE Arca.
  • According to the CLO, investors want and deserve access to Ethereum as a spot Ethereum ETF.

According to Craig Salm, Grayscale’s Chief Legal officer, the firm has submitted an amended Form 19b-4 filing for its Ethereum ETF application. Salm considers the move a crucial step in Grayscale’s effort to upgrade ETHE to start trading on the New York Stock Exchange (NYSE) Arca.

In a post on X, Salm noted that investors want and deserve access to Ethereum as a spot Ethereum ETF. He believes the argument for an Ethereum ETF is just as strong as it was for the spot Bitcoin ETFs.

Grayscale’s move towards actualizing a spot Ethereum ETF started last October when the firm filed with the SEC, requesting to swap its ETHE for a spot Ethereum ETF. The SEC has kept the investment company’s ETH ETF application on hold, citing ongoing scrutiny.

Along the line, the SEC has set repeated deadlines, seeking ample time to access Grayscale’s Ethereum ETF proposal, with the next deadline slated for May 2024. That is consistent with the SEC’s procedures, considering the steps before it approved the spot Bitcoin ETF proposals earlier this year.

If approved, the spot Ethereum ETF could become one of the significant events around the flagship altcoin in the current bull cycle. Many users believe it could have a similar impact as the spot Bitcoin ETF, which attracted inflow into Bitcoin.

ETH traded for $3,720 at the time of writing, dropping by 10% from its recent high of $4,095, according to data from TradingView. Meanwhile, many crypto users believe an ETF approval would form the tailwind for significant growth in ETH, in addition to the upcoming Bitcoin halving expected to impact the entire cryptocurrency market.

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