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Grayscale Moves Closer to Ethereum ETF with SEC Filing

In a significant development for cryptocurrency investors, Grayscale’s Chief Legal Officer, Craig Salm, has announced the submission of a revised Form 19b-4 for the Ethereum Trust to the U.S. Securities and Exchange Commission (SEC). This filing is a pivotal step in the process of upgrading the Ethereum Trust (ETHE) to begin trading on the New York Stock Exchange Arca, a move that could potentially offer investors a new way to gain exposure to Ethereum.

Grayscale’s initiative reflects the growing demand for cryptocurrency products that can be traded like stocks. Salm emphasized that investors are seeking the same level of access to Ethereum as they have had to Bitcoin, through a spot Ethereum Exchange-Traded Fund (ETF). The firm believes that the case for an Ethereum ETF is just as compelling as it was for Bitcoin ETFs, which have seen considerable interest since their introduction.

The move to uplist ETHE to NYSE Arca is expected to provide investors with an easier and more regulated way to invest in Ethereum, without the need to directly buy and hold the cryptocurrency. This could attract a broader range of institutional and retail investors, further integrating digital assets into the traditional financial ecosystem.

Grayscale’s efforts come at a time when the SEC has taken a cautious approach to cryptocurrency ETFs, approving only those that are based on futures contracts rather than the spot market. However, the firm remains optimistic about the prospects of a spot Ethereum ETF, which would be a first of its kind.

The outcome of this filing could have significant implications for the future of cryptocurrency investment products and the broader acceptance of digital assets in the financial world. Investors and industry observers are keenly awaiting the SEC’s response to this latest step by Grayscale.

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