Bitcoin price fell below $66,000 following Tesla and Visa’s earnings reports, turning altcoins red. ETH also lost its $3,200 level. Despite being overlooked by many investors, Grayscale has opened a case that paves the way for Spot Bitcoin ETF approval and is determined to obtain approval for Ether as well.
Latest Developments on Spot Ether ETF
BlackRock‘s Fink stated that even if ETH is classified as a security, it would not hinder ETF approval. Grayscale continues to submit new forms. Although the form process announced by Eleanor Terrett shows progress, it does not definitively indicate an imminent approval. Terrett wrote:
“Unlike other ETH ETF issuers, Grayscale does not need to file an S-1 because its Ethereum Trust product is already registered with the Commission. Grayscale now has all the necessary documents for the SEC to make a decision on its application.
They also filed an S-1 for a mini ethereum ETF under the “ETH” abbreviation. In March, Grayscale filed for a BTC mini ETF under the “BTC” abbreviation, which will trade if approved. The SEC has not yet approved the mini Bitcoin ETF.”
Grayscale has completed the paperwork and recently announced they are closer to approval.
“Today, we submitted a registration statement on Form S-3 to register shares of Grayscale Ethereum Trust (OTCQX: $ETHE) under the Securities Act of 1933. This is another significant step towards listing ETHE as an ETF.
Earlier this year, NYSE Arca filed a Form 19b-4 for Grayscale Ethereum Trust, setting the stage for a new phase in the product lifecycle of $ETHE. We are proud to work towards bringing the second largest crypto asset by market value closer to the U.S. regulatory environment.”
