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Grayscale Investments has updated its filing to convert its Ethereum Trust into a spot exchange-traded fund (ETF), signaling a strong push for Ethereum’s acceptance in mainstream investment. This amendment, filed on March 15, presents compelling evidence against market manipulation concerns and highlights a strong correlation between the CME ETH futures and the spot Ethereum market, as analyzed by Coinbase. This correlation even surpasses previous findings for Bitcoin, bolstering the case for Ethereum’s ETF conversion.
Grayscale’s effort not only aims to transform its Ethereum Trust, currently holding $11.8 billion in assets, but also to unlock an additional $1.73 billion in investor value. The company’s Chief Legal Officer, Craig Salm, has expressed optimism about the broad appeal of a spot Ethereum ETF, emphasizing the growing investor demand for accessible Ethereum investments. This move is pivotal, mirroring the success of spot Bitcoin ETFs, and marks a significant step towards Ethereum’s integration into conventional investment portfolios.