Grayscale Submits Revised Application For Spot Ethereum ETF

Grayscale Submits Revised Application For Spot Ethereum ETF

The Chief Legal Officer of Grayscale Investments announced that the company has submitted a revised application for its spot Ether exchange-traded fund (ETF).

Craig Salm, the officer, said that investors were now looking to make investments in Ethereum through a spot Ethereum ETF, after the successful launch of a spot Bitcoin ETF.

NYSE listing

Digital asset management firm, Grayscale Investments, recently submitted an amended application for its spot Ether ETF.

According to Craig Salm, this filing marks a very important step for the company to uplift its existing Ethereum Trust on the NYSE.

On March 15th, Grayscale’s chief legal officer took to X and shared an update. He argued that a spot Ethereum ETF is just as important as a spot Bitcoin ETF and that investors are interested in it.

According to Salm, investors are interested in gaining access to Ethereum, and a spot Ether ETF is the way to go about it, so it has just as a strong case as that of a spot Bitcoin ETF.

The screenshot that the legal officer shared showed that the company is planning on listing and trading shares of its Ethereum Trust in accordance with the NYSE Arca Rule 8.201-E.

The delay

The latest amendment filed by Grayscale completely supersedes the original filing it had made earlier.

The screenshot also showed that the proposed rule change is unlikely to have a direct, or indirect impact on any other rule in effect at NYSE Arca at the time the filing was made.

The revised submission from Grayscale came a few weeks after the decision on its spot Ethereum ETF applications as well as that of BlackRock’s was delayed by the US Securities and Exchange Commission (SEC).

BlackRock is waiting for approval from the SEC for its spot Ethereum ETF, after which it plans on listing it on the Nasdaq.

It had also been reported previously that the decisions on the spot Ethereum applications submitted by Invesco and Galaxy have also been delayed by the securities regulator.

The possibility

However, despite the delay, some analysts are confident that spot Ethereum ETF applications will receive approval from the SEC sometime in May.

The approval and the eventual launch of spot Ethereum ETFs is undoubtedly going to give a solid boost to the second-largest token in the crypto market.

However, it is important to note that two US senators have urged the SEC to not give its approval to these.

The lawmakers recently sent a letter to Gary Gensler, the chairman of the SEC, in which they asked him to not approve any more crypto ETFs.

They have argued that no other crypto asset has the trading volume or the integrity required for exchange-traded products (ETPs).

The SEC seems to be following the same routine that it had done with spot Bitcoin ETFs; the regulator had continued to delay its decision and even rejected applications.

It was not until it received a court order related to Grayscale’s case against the regulator that the tide had turned.