Grayscale amends Spot Ethereum ETF filing, ETH trades sideways below $3,700

Grayscale manages $10.87 billion in assets in its Ethereum Trust, and the asset manager recently amended its filing for a Spot Ethereum ETF. 

Grayscale’s lawsuit was one of the key driving forces behind the Spot Bitcoin ETF approval, the amendment filed by the asset manager could be a sign of the Securities and Exchange Commission moving things along in the process of deciding upon a Spot Ethereum ETF, according to crypto experts on X. 

Also read: Ethereum ecosystem needs a major mindset shift for global impact, says Vitalik Buterin

Grayscale files amendment to its Spot Ethereum ETF

Grayscale intends to convert its Ethereum Trust to a Spot Ethereum ETF. The asset manager announced that it filed an amendment and took an important step to uplist ETHE to the NYSE Arca. 

Grayscale believes that investors deserve access to Ethereum in the form of a Spot Ethereum ETF and the asset manager builds a strong case for the same, just as it did for Spot Bitcoin ETFs. 

Grayscale asserts that the Chicago Mercantile Exchange’s (CME) surveillance on Ethereum was sufficient to safeguard investors. Further, there is a strong correlation between Ethereum’s Spot and Futures markets, therefore the SEC must approve Spot Ethereum Exchange Traded Product (ETP) on the same basis as it did for the futures product. 

At the time of writing, Ethereum price is down nearly 3% on the day. The altcoin is trading sideways, at $3,686 on Saturday, after successful completion of its Dencun upgrade. 

(This story was corrected on March 17 at 13:55 GMT to say "just as it did for Spot Bitcoin ETFs," not "Spot Ethereum ETFs.")