- Grayscale confident in U.S. approval for Ethereum ETF.
- Firm engaged in detailed SEC discussions for Bitcoin ETF.
- Ethereum’s value surges, analysts predict $4,000 target.
Grayscale, the biggest cryptocurrency asset manager, has expressed assurance about the likelihood of the U.S. regulatory body giving the green light to its application for an Ethereum ETF. In a recent statement on X, Grayscale indicated its optimism for approval, mirroring the sentiment it held during the review of its Bitcoin spot ETF application.
The statement said, “The argument in favor of spot Ethereum ETFs is equally compelling as it was for spot Bitcoin ETFs.”
Craig Salm, Grayscale’s Chief Legal Officer, reinforced the firm’s optimism by referencing recent conversations about spot Ethereum ETFs. He specifically tackled the issue of what some perceive as a “lack of SEC engagement” at the current juncture.
Salm revealed that in the lead-up to the approval of the Bitcoin ETF, Grayscale, along with other contenders, had fruitful interactions and dialogues with the SEC.
During these discussions, they delved into complex details such as the mechanisms for creating and redeeming shares, and the nuances of cash versus in-kind transactions. They also clarified specifics about the roles of Authorized Participants (APs), Liquidity Providers (LPs), the custody solutions, and other relevant operational elements.
In essence, Salm pointed out that all the fundamental concerns have been tackled, and the issues are the same when it comes to spot Bitcoin and Ethereum ETFs. The sole difference is the underlying asset of the ETF, with Ethereum
As a result, Salm indicated that the SEC has already covered many of the essential topics, suggesting that there are fewer new issues for issuers to address in the case of Ethereum.
He also concurred that spot Ethereum ETFs align with the already approved ETH futures ETFs and should, therefore, receive approval.
This perspective from Grayscale emerges as Ethereum has seen a surge of over 5% in the last day and an increase of 13.44% over the previous week, bringing its value to $3,644. With Ethereum’s significant rebound from last week’s low of $3,030, market analysts like Captain Faibik have posited that Ethereum is on a trajectory towards reaching a $4,000 valuation.
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