The American securities regulatory body approved Grayscale’s Ethereum Mini ETF as the first spot Ethereum ETF.
In May of this year, the United States Securities and Exchange Commission (SEC) approved eight Ethereum spot ETF applications. Currently, all these ETF applicants are waiting for regulatory approval to begin trading on stock exchanges.
In the latest developments, the US SEC has greenlit similar Ethereum spot ETF applications from ProShares and Grayscale. This brings the total number of approved ETH spot ETF products to ten.
The U.S. SEC has approved Grayscale's mini Ethereum ETF, which will be seeded with assets currently backing the larger ETF. ProShares' Ethereum ETF was also approved. The fund is likely to start trading next week along with other spot ETH ETF products. Grayscale also has a mini…
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James Seyffart from Bloomberg shared some closed details around Grayscale’s ETH ETF product and noted that Grayscale will charge 0.25% as a trading fee.
The ETF Store President, Nate Geraci, also shared his opinion on this product and noted that Grayscale made a huge mistake. He pointed out that Grayscale’s approach to pricing both Bitcoin and Ethereum spot ETFs appears to prioritize short-term revenue over long-term growth and sustainability.
Ethereum price action
This news failed to impact the trade price of Ethereum. The current trade price of ETH coin is $3,386 & this price is 9.5% high over the last 7 days period.
Crypto analysts anticipate a significant increase in Ethereum’s trade price just before July 23, followed by a substantial correction. This prediction is based on the expected completion of the SEC’s trading approval for ETH spot ETF products.
The majority of these forecasts regarding Ethereum’s price movements next week are based on the pattern observed with Bitcoin when Bitcoin spot ETF applications were under pending regulatory approval.
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Breaking: SEC Approves Grayscale’s Ethereum Mini ETF as First Spot Ethereum ETF
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