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Grayscale CEO “Optimistic” on Spot Ethereum ETF

  • Michael Sonnenshein, CEO of Grayscale Investments, remains optimistic that the SEC will approve spot Ethereum exchange-traded funds.
  • Grayscale filed for to convert its Grayscale Ethereum Trust, which is already an SEC reporting company into a spot ETF.
  • Last year the asset manager won a lawsuit against the SEC in its challenge to deny approval of the conversion of the Grayscale Bitcoin Trust into an ETF.
  • In a similar fashion, the SEC has approved Ethereum futures ETFs.
  • Grayscale decided to focus on its spot product which is core to their pioneering access to spot exposure for investors.
  • In January this year the SEC approved the listing and trading of 10 spot bitcoin ETFs and also approved the conversion of the Grayscale Bitcoin Trust into an ETF.
  • Grayscale's spot bitcoin ETF had $28bn of assets when it came to market after converting from the trust.
  • Outflows may be related to Grayscale maintaining a 1.5% fee for its spot bitcoin ETF, while competitors have much lower fees of around 0.3%.
  • Grayscale filed with the SEC for a new spot bitcoin ETF, the Grayscale Bitcoin Mini Trust, which Sonnenshein said would come to market with an “industry-leading low cost” fee.
  • In October last year the asset manager launched GrayscaleCrypto Sectors, a framework designed to organize the crypto asset class.

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