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Read more: Ethereum ETF Trading Will Be Approved on July 23
The approval, confirmed through filings with the U.S. Securities and Exchange Commission (SEC), allows Grayscale spot Ethereum ETF to begin trading under the Exchange Act of 1934.
Grayscale Investments previously released a memorandum outlining the tax implications for the distribution of Ethereum Trust shares. Shareholders of the Grayscale Ethereum Trust as of 4:00 PM ET on July 18 are eligible for this distribution, marking the initial creation and allocation of ETH Trust shares.
In addition to the Grayscale spot Ethereum ETF, NYSE Arca will list the Grayscale Ethereum Mini Trust, which has reduced its fees from 0.25% to 0.15%. Notably, for the first six months, there will be no fees on the first two billion dollars in assets under management (AUM). This fee reduction positions the Grayscale Ethereum Mini Trust as the lowest-cost spot Ether ETF, potentially setting a precedent for other ETFs in the sector.
The listing process for these ETFs involved a detailed two-step procedure. Initial approval of 19b-4 forms by the SEC in May was the first step. The final approval, which is expected to be completed by Monday, will enable the ETFs to start trading.
NYSE Arca had also previously announced that the Bitwise spot Ethereum ETF would be listed on July 23. Ethereum’s price has risen by over 3% in the past week, reaching approximately $3,454. The increase reflects growing interest due to the upcoming spot Ether ETFs. Ethereum’s fully diluted market cap stands at around $414 billion with a daily trading volume of $20.6 billion.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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