Grayscale Ethereum Spot ETF Launch Imminent Amid Market Volatility

Grayscale confirmed that all hurdles for the approval of its ETH spot ETF have been cleared, and trading is now scheduled to begin on July 10, 2024.

Grayscale has finally confirmed the launch date for its highly anticipated ETH spot ETF. According to the announcement, the ETF will begin trading on July 10, 2024.

This news comes after months of speculation and anticipation. Grayscale, a leading digital asset fund manager, is best known for its Bitcoin Trust (GBTC), which allows investors to gain exposure to cryptocurrency markets through traditional investment channels. Grayscale was the first to force the SEC to approve a Bitcoin spot ETF via a clear legal victory, following multiple rejections of its Bitcoin spot ETF applications.

On 8 July 2024, Grayscale Investments announced the near completion of its Ethereum spot ETF, set to trade on NYSE Arca under the ticker “ETHE,” pending regulatory approval. The move follows the successful creation of Grayscale Ethereum Mini Trust shares for current Grayscale Ethereum Trust shareholders.

The approval of Grayscale's Ethereum spot ETF could pave the way for other issuers to follow, though success will depend on meeting stringent regulatory requirements and market conditions.

Bloomberg ETF expert Eric Balchunas shared his thoughts on the matter, revealing that the SEC requested the S-1 forms on July 8th but informed issuers that the fee wasn't required yet. They will soon provide guidance and a plan. Once issuers get the feedback and fill in the necessary details, including the fee, the process will proceed quickly.

Just a day ago, ETF Store president Nate Geraci predicted that the SEC would approve ETH spot ETF products for trading by July 15.

Following this news, the trade price of ETH coin surged by 2.75%. The current trade price of ETH is $3,018, which is down 18% over the last 30 days.

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