Grayscale files revised form for its spot Ethereum ETF

Grayscale has filed the amended Form 19b-4 for its application for an ETF on Ethereum spot, still pending approval from the US Securities and Exchange Commission. According to Grayscale’s Chief Legal Officer, Craig Salm, investors deserve access to ETH in the form of an Exchange-Traded Fund. 

Grayscale deposits the modified form to be able to issue its ETF on Ethereum spot

After Bitcoin, it’s time for the Ethereum spot ETF. The Chief Legal Officer of Grayscale, Craig Salm, shared on X that the company has filed the amended form 19-4 to succeed in listing its ETHE on the NYSE Arca.

“We have just filed @Grayscale Ethereum Trust has amended Form 19b-4. This is an important step in our attempt to list $ETHE on NYSE Arca. Investors want and deserve access to #Ethereum in the form of a spot ETF on Ethereum and we believe the case is just as strong as that of spot ETFs on #Bitcoin.”

Basically, Salm firmly believes that investors have the right to access Ethereum, in the form of an Exchange-Traded Fund on Ethereum spot, just like it happened with Bitcoin. 

This amendment completely replaces the original file. The screen indicates that NYSE Arca does not anticipate the proposed rule change to have an impact on any other rule currently in effect at the time of filing, either directly or indirectly.

Grayscale and the Ethereum spot ETF: what is the situation?

This modification to the request form for an Ethereum spot ETF by Grayscale adds to a path already started last October 2023.

And indeed, it is precisely from that moment that a 240-day critical review process by the SEC has been set in motion, specifically on the topic Ethereum, while for Bitcoin the deadline was set for January.

This means that by the end of April, the 240 days would expire and the SEC should reach a final verdict. 

What is happening, however, is that the SEC continues to delay its decision, not only on the application for an Ethereum spot ETF by Grayscale, but also by other companies such as Invesco and Galaxy.  

Not only that, awaiting approval is also BlackRock’s request to list its Ethereum spot ETF on the Nasdaq.  

Fidelity includes staking in its request

Just today the news arrived that the financial giant Fidelity is proceeding to modify its application for an ETF on Ethereum spot to include provisions for ETH staking.

In this way, Fidelity aims to offer new investment opportunities to its clients. On the other hand, being one of the largest financial institutions in the world, its entry into the staking sector could attract significant institutional interest in Ethereum and all other staking-based cryptocurrencies. 

Meanwhile, ETH follows the general crypto trend with a price dump of -18% in the last seven days. At the time of writing, ETH is worth $3,284.