Ethereum

when

BlackRock

Yesterday, Grayscale transferred 292,000 ETH worth $1 billion to Coinbase ahead of the opening bell today, which is when the ETFs will go live. 
Coinbase will act as the custodian for eight out of nine of these newly approved Ethereum ETFs. So this transfer is basically Grayscale making sure there’s enough liquidity and everything’s ready to go when trading starts. 
Grayscale’s Ethereum ETF charges a management fee of 2.5%. Compare this to some competitors, like BlackRock and Fidelity, who are offering fees as low as 0.19% to 0.25%. That’s a big difference and could affect where investors decide to put their money. 
<img loading="lazy" decoding="async" class="alignnone wp-image-559092 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-23-at-13.51.07.jpg" alt="Grayscale prepares for spot Ethereum ETFs launch with $1 billion" width="1920" height="1043" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-23-at-13.51.07.jpg 1920w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-23-at-13.51.07-300x163.jpg 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-23-at-13.51.07-1200x652.jpg 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-23-at-13.51.07-768x417.jpg 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-23-at-13.51.07-1536x834.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px"> 
There are already some rumblings that these high fees might cause a short-term sell-off, as investors look for cheaper options. Grayscale’s ETHE is currently the biggest Ether-based exchange-traded product in the world, with $9.19 billion worth of ETH in its holdings.&nbsp; 
It also charges a 2.5% management fee. Meanwhile, the Grayscale Ethereum Mini Trust (ETH) is waiving fees for the first six months or until it hits $2 billion in net assets. John Hoffman, Grayscale’s managing director, <a href="https://cointelegraph.com/news/grayscale-confirms-ethereum-etfs-begun-trading-nyse" rel="nofollow noopener" target="_blank">reportedly</a> said that:&nbsp; 
<blockquote>
 “ETH and ETHE will allow investors to invest in Ethereum’s potential to create markets, transform financial systems, utilize DeFi, and drive innovation through the trusted ETP wrapper — without the need to buy, store, or manage Ethereum directly.”
</blockquote> 
So what does this mean for the market? The launch of these spot Ethereum ETFs by Grayscale is likely to shake things up. Or not. Got to wait and see. For now, the ETFs are on NYSE Arca, which is NYSE’s electronic communications network (ECN) used for matching orders.

Grayscale prepares for spot Ethereum ETFs launch with $1 billion

Cryptopolitan_News

Other articles published on Jul 23, 2024

Telegram Will Have A Store For Mini-Apps Like Hamster Kombat

Bitcoin Miner Cormint Secures $29M to Boost Hashrate and Efficiency

New Memecoin Pepe Eats Solana (PEPEATS) Will Rally 19,000% Before Exchange Listings, While Shiba ...

ETF Mania Ethereum (ETH) Opens Gates For Solana (SOL) Rollblock (RBLK) Set To Cash In On Market M...

Everything to know about Vitalik Buterin’s Circle STARKS

Grayscale Transfers $1 Billion in Ethereum to Coinbase

Join our free newsletter for daily crypto updates!