Learn Concept: The Push for Ethereum Spot ETFs

Learn Concept: The Push for Ethereum Spot ETFs

By: Eva Baxter

Grayscale Investments, a leading asset management firm, has recently amended its application to the United States Securities and Exchange Commission (SEC) for an Ethereum spot Exchange Traded Fund (ETF). This move was necessitated by growing investors' interest for a means to access Ethereum via a spot ETF. However, the journey isn't smooth as the SEC has so far deferred approval.

The application form referred to as 19b-4 has been updated with intentions to have shares of Ether Trust listed and traded on the New York Stock Exchange (NYSE) Arca platform. Grayscale's chief legal officer, Craig Salm, vocally supports the motion and insists that the argument for an Ethereum spot ETF is as persuasive as the ones supporting Bitcoin spot ETFs.

Although optimism for the approval of Ethereum spot ETFs has recently dwindled owing to the SEC's hesitance, Salm maintains that shareholders indeed 'want and deserve' an Ethereum ETF. Conversely, several influential senators have urged the SEC chairman to reconsider approving crypto-based investment products as it could affect the likelihood of Ethereum ETF approval.

In the broader context, the Bitcoin market has seen the approval of 11 spot ETFs in January, which impacted the market positively. Contrastingly, Ethereum's price currently stands at $3,731, marking a 1.2% increase within a day.

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