Grayscale Returns with Revised Application for Ethereum ETF

By: Isha Das

Asset management firm Grayscale Investments has amended its application for an Ethereum spot ETF with the United States Securities and Exchange Commission (SEC). The move was attributed to investors' demand for access to Ethereum via a spot exchange-traded product.

The form, referred to as 19b-4, has been revised in efforts to list and trade shares of Ether Trust on the New York Stock Exchange (NYSE) Arca. Craig Salm, Grayscale's chief legal officer, stated that the case for an Ethereum spot ETF is as compelling as that for spot Bitcoin ETFs.

However, the push for an Ethereum Spot ETF in the United States is currently being challenged. The SEC has deferred approval, causing optimism for the approval of Ethereum spot ETFs to plummet recently. Despite the hurdles, Salm insisted that shareholders 'want and deserve' an Ethereum ETF in his post on X.

Several prominent senators have also urged the SEC chairman to reconsider approving crypto investment products, which may impact the Ethereum ETF approval chances. Meanwhile, after the approval of 11 Bitcoin spot ETFs in January, the price of Ethereum as of now stands at $3,731, marking a 1.2% increase in the past day.