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Spot Bitcoin ETF approval shifted focus to Ethereum, but it didn’t trigger a major hype. Ethereum‘s status as a security is more debatable compared to Bitcoin. If we recall the struggle with Bitcoin, it suggests that the path for Ether might not be any easier.
Spot Ethereum ETF
Grayscale received the anticipated approval this year for converting GBTC into a spot Bitcoin ETF. Despite billions in GBTC outflows, Grayscale’s ETF remains at the forefront with its massive reserves. The company is now fighting to transform its Ethereum Trust, ETHE, into an ETF. Currently, companies like BlackRock, Fidelity, and Ark are also awaiting approval for an ETH ETF.
Grayscale’s Legal Director Craig Salm wrote a few minutes ago;
“We have just filed an amended Form 19b-4 application for Grayscale Ethereum Trust. This is an important step in our effort to list ETHE on NYSE Arca.
Investors want and deserve access to Ethereum in the form of a spot Ethereum ETF.”
The SEC, however, expresses concerns over Ether’s potential as a security, including issues arising from the post-Merge staking mechanism, and the difficulty in establishing investor protection. The final decision on Ether ETFs will be given on May 23rd.
