If approved, Grayscale’s Ethereum Mini Trust would be seeded with Ether from the Grayscale Ethereum Trust.<\/p>\n
Grayscale Investments, the\u00a0world\u2019s\u00a0largest cryptocurrency asset management firm, filed for its second prospective spot\u00a0Ether\u00a0exchange-traded fund (ETF)\u00a0on\u00a0April 23.<\/p>\n
Dubbed the Grayscale Ethereum Mini Trust, the\u00a0proposed<\/a>\u00a0fund would comprise a spin-off from the Grayscale Ethereum Trust (ETHE) \u2014 which the firm filed to convert into a\u00a0spot Ethereum ETF<\/a>\u00a0in August.<\/p>\n The Mini Trust, which would trade under the ticker ETH, would be seeded with assets currently backing ETHE. Existing ETHE shareholders will also receive ETH shares on a pro-rata basis to keep the\u00a0investors’\u00a0existing levels of exposure to Ethereum consistent.<\/p>\n The Mini Trust would differ from ETHE by catering to longer-term investors and would offer lower fees to shareholders.<\/p>\n \u201cWe believe approval of Grayscale Ethereum Mini Trust would be a net positive for existing ETHE shareholders who stand to maintain the same exposure to Ethereum with the added benefit of a lower fee averaged across both products,\u201d\u00a0said<\/a>\u00a0Craig Salm,\u00a0Grayscale\u2019s\u00a0chief legal officer.<\/p>\n If authorized,\u00a0the Grayscale Ethereum Mini Trust would trade on the NYSE Arca exchange.<\/p>\n Grayscale also\u00a0filed<\/a>\u00a0for a mini spot Bitcoin ETF that would be seeded with 10% of the shares from its spot Bitcoin ETF, GBTC, in March.<\/p>\n The Ethereum community is currently awaiting May 23 with bated breath, with the date posing a make-or-break moment for Ether ETF applicants.<\/p>\n May 23 will mark the 240-day statutory deadline since the Volatility Shares filed for the first spot Ether application in August \u2014 which was quickly followed by applications from Bitwise, Grayscale, VanEck, Roundhill, and Proshares \u2014 with 240 days comprising the maximum allowable time for the SEC to deliver a verdict on the applications.<\/p>\n Analysts have long pointed to the date as the\u00a0critical deadline<\/a>\u00a0for spot Ethereum ETF hopefuls, just as January 10 was the final cut-off for the\u00a0recently approved<\/a>\u00a0cohort of spot Bitcoin ETFs.<\/p>\n On April 23, the SEC again delayed\u00a0providing a decision\u00a0on spot Ether ETF applications from Grayscale, BlackRock, and Franklin Templeton. While\u00a0those deadlines were pushed back\u00a0until June 23, James Seyffart, an ETF analyst at Bloomberg,\u00a0reaffirmed<\/a>\u00a0that the\u00a0SEC\u2019s\u00a0May 23 determination remains his primary focus concerning the spot Ether ETFs via tweet.<\/p>\n Meanwhile, spot Bitcoin ETFs suffered heavy outflows last week, shedding $204.6 million to mark their second consecutive negative weekly performance.\u00a0according\u00a0to Sosovalue.<\/p>\nSEC delays verdict on Ethereum ETFs<\/h2>\n
CoinShares reports capital withdrawal from crypto funds<\/h2>\n