Following the approval of the Spot Bitcoin ETF, Grayscale Investments, a well-known digital asset management firm, set its sights on obtaining approval for a spot Ethereum ETF application with the U.S. Securities and Exchange Commission (SEC).
Meanwhile, Craig Salm, the company’s CLO, has announced an important update regarding the submission of an amended Form 19b 4. This development signifies a step in Grayscale’s efforts to list its Grayscale Ethereum Trust (ETHE) on the New York Stock Exchange (NYSE) Arca.
Grayscale Revised 19b-4 Filing
In a recent tweet, Craig Salm emphasizes the significance of Grayscale Ethereum Trusts amended Form 19b 4 filing for its listing on NYSE Arca. This filing marks a milestone in working towards establishing a spot in Ethereum ETF.
Grayscale’s endeavor is aimed at meeting the increasing demand for cryptocurrencies by offering access to Ethereum for investors. If approved ETHE being listed on NYSE Arca will simplify investors’ ability to obtain Ethereum and boost its reputation within finance.
Furthermore, Salm mentions that there is investor interest in acquiring Ethereum through spot ETFs due to Grayscale’s trusted track record, similar to successful bitcoin ETFs.
SEC Scrutiny and Delays
According to a report, by Coinpedia on October 2nd Grayscale submitted Form 19b 4 with the aim of transforming the Grayscale Ethereum Trust into a Spot ETF. Nevertheless the approval process for Grayscales Ethereum ETF, by the SEC is encountering delays unlike the approval received for its Bitcoin ETF.
Earlier the SEC extended the November 17 initial offering date for the Ethereum ETF, pushing it to January 25 to allow for more thorough reviews. Other applicants such as VanEck, Ark Invest, Invesco & Galaxy may also experience delayed decisions by the regulator.
The approval deadline for the Spot Ethereum ETF is approaching, with Grayscale’s Ethereum Trust Conversion (ETHE) awaiting a decision by June 18, 2024. This development also highlights Grayscale’s commitment to innovation and regulatory compliance in the cryptocurrency investment space.