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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Mar 16, 2024 06:40 UTC
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Greenlight for Grayscale’s Ethereum ETF? NYSE Arca Listing Awaits SEC Nod
Grayscale Investments is trying to get approval from the SEC to convert their trust into a spot ETF that trades on the NYSE Arca exchange.
This would make it easier for investors to buy Ethereum and could increase its overall acceptance.
Grayscale recently submitted an amended application and the deadline for a decision is June 18, 2024.
Grayscale Investments, a prominent digital asset management firm, is now setting its sights on obtaining approval for a spot Ethereum ETF with the U.S. Securities and Exchange Commission (SEC), following the recent approval of the Spot Bitcoin ETF.
Craig Salm, Grayscale’s Chief Legal Officer (CLO), took to Twitter to announce a crucial update regarding the submission of an amended Form 19b 4. This update signifies a pivotal step in Grayscale’s pursuit to list its Grayscale Ethereum Trust (ETHE) on the New York Stock Exchange (NYSE) Arca.
Here’s everything you need to know.
A Look at Ethereum’s Journey
Salm’s tweet underscores the significance of Grayscale Ethereum Trust’s amended Form 19b 4 filing for its potential listing on NYSE Arca, marking a significant milestone in the journey toward establishing a spot Ethereum ETF.
Investor Demands
Grayscale’s endeavor aims to cater to the surging demand for cryptocurrencies by providing investors with access to Ethereum. If approved, the listing of ETHE on NYSE Arca will streamline investors’ ability to acquire Ethereum and bolster its standing within the realm of finance.
Salm highlights the investor interest in acquiring Ethereum through spot ETFs, citing Grayscale’s sterling track record akin to successful bitcoin ETFs.
Also Read: Ethereum ETF Approval Dims as SEC Stalls: What are the Odds Now?
The Scrutiny Remains
According to a report by Coinpedia, despite Grayscale’s proactive approach, the approval process for its Ethereum ETF faces delays, unlike its Bitcoin counterpart. The SEC’s extension of the November 17 initial offering date for the Ethereum ETF to January 25 reflects a thorough review process. Other applicants such as VanEck, Ark Invest, Invesco, and Galaxy might also confront similar delays.
With the approval deadline for the Spot Ethereum ETF fast approaching, Grayscale’s Ethereum Trust Conversion (ETHE) awaits a decision by June 18, 2024.
Read More: Bitcoin ETFs Secure 175,000 BTC: Here’s What To Expect Next?
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