Ethereum

Bitcoin

Grayscale Bitcoin Trust

In its latest filing with the U.S. SEC, Grayscale emphasized the potential benefits associated with allowing Ethereum in its trust to be staked.
The firm, known for its cryptocurrency investment products, is seeking to transform its Grayscale Ethereum Trust (ETHE) into an Ethereum (<a href="https://crypto.news/price/ethereum/" data-type="link" data-id="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) spot ETF following its successful conversion of its Grayscale Bitcoin Trust in January.
In a preliminary <a href="https://www.sec.gov/Archives/edgar/data/1725210/000095017024033515/ethe_pre_14a.htm" target="_blank" rel="noopener noreferrer nofollow">proxy statement</a>, Grayscale proposed four significant changes to facilitate this transformation. Changes include utilizing the ETH backing shares for participation in staking via a Proof-of-Stake protocol, granting authorized participants the authority to create and redeem shares, moving to a daily fee assessment model from the current monthly scheme, and introducing a third-party custodian equipped to handle shares through an omnibus account.
Omnibus accounts combine funds for executing trades on behalf of multiple clients, effectively anonymizing the identities of individual investors.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Grayscale <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Ethereum</a> Trust is the world’s largest investment vehicle by AUM for Ethereum, as of 3/18/2024. Learn more about <a href="https://twitter.com/search?q=%24ETHE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$ETHE</a> and access important disclosures: <a href="https://t.co/MXQArLVv2K" target="_blank" rel="noopener noreferrer nofollow">https://t.co/MXQArLVv2K</a> <a href="https://t.co/7oLcMeRjUz" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/7oLcMeRjUz</a>— Grayscale (@Grayscale) <a href="https://twitter.com/Grayscale/status/1770201867227992210?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 19, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
You might also like: <a href="https://crypto.news/solana-ethereum-dex-meme-coins/" rel="noopener noreferrer nofollow"> Solana surpasses Ethereum on DEX volume amid meme coins rally </a>
Grayscale CEO <a href="https://crypto.news/grayscales-sonnenshein-promises-to-drop-1-5-fees-on-its-spot-bitcoin-etf-over-time/" data-type="link" data-id="https://crypto.news/grayscales-sonnenshein-promises-to-drop-1-5-fees-on-its-spot-bitcoin-etf-over-time/" rel="noopener noreferrer nofollow">Michael Sonnenshein</a> conveyed optimism regarding the proposed amendments, emphasizing the potential to streamline and enhance the experience for ETHE shareholders. The initiative is part of a broader industry trend, as indicated by a similar submission from Fidelity Investments, reflecting increased interest in <a href="https://crypto.news/tag/ethereum-etf/" data-type="link" data-id="https://crypto.news/tag/ethereum-etf/" rel="noopener noreferrer nofollow">Ethereum ETFs</a> with staking functionalities.
“In consideration for any staking activity in which the Fund may engage, the Fund would receive certain network rewards of ether tokens, which may be treated as income to the Fund as compensation for services provided,” Fidelity’s <a href="https://cdn.cboe.com/resources/regulation/rule_filings/pending/2023/SR-CboeBZX-2023-095-Amendment-No-1.pdf" data-type="link" data-id="https://cdn.cboe.com/resources/regulation/rule_filings/pending/2023/SR-CboeBZX-2023-095-Amendment-No-1.pdf" target="_blank" rel="noopener noreferrer nofollow">filing</a> stated.
Despite these developments, the outlook for the SEC’s approval of spot Ether ETFs remains uncertain. Analysts from Bloomberg have expressed <a href="https://crypto.news/bloomberg-ethereum-etf-approval-may/" data-type="link" data-id="https://crypto.news/bloomberg-ethereum-etf-approval-may/" rel="noopener noreferrer nofollow">skepticism</a>, suggesting that the SEC might reject all pending applications. The skepticism stems from the SEC’s nuanced approach to digital assets, particularly its classification of Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) as the only commodity, leaving Ethereum’s regulatory status in a gray area.
The cryptocurrency community hopes that the approval of Ethereum ETFs could mimic the favorable <a href="https://crypto.news/spot-bitcoin-etfs-record-highest-daily-net-outflows/" data-type="link" data-id="https://crypto.news/spot-bitcoin-etfs-record-highest-daily-net-outflows/" rel="noopener noreferrer nofollow">market dynamics</a> previously seen with <a href="https://crypto.news/tag/bitcoin-etf/" data-type="link" data-id="https://crypto.news/tag/bitcoin-etf/" rel="noopener noreferrer nofollow">Bitcoin ETFs</a>, even as regulatory challenges persist.
Read more: <a href="https://crypto.news/fidelity-adds-staking-feature-in-amended-spot-ethereum-etf-filing/" rel="noopener noreferrer nofollow"> Fidelity adds staking feature in amended spot Ethereum ETF filing </a>

Grayscale looks to transform Ethereum Trust into spot ETF

crypto.news

在 2024年3月20日發表的其他文章

BlockDAG, The New Layer 1 Sensation In The Crypto Presale Arena; Can Koala Coin And Shiba Inu Com...

Crypto Whales Monitor Rising Altcoins Scorpion Casino, Memeinator & Scotty AI As They Project 100...

Bitcoin Plummets Below $61,000 Sparking Breakdown Concerns

Is AI Cyber Harassment Endangering Press Freedom in Pakistan?

Bitcoin Price Prediction: As MicroStrategy Buys More Bitcoins, Traders Snap Up This BTC ICO With ...

Bitcoin Faces Pre-Halving Dip: A Precursor to a Post-Fed Rally?

訂閱免費電子報，每天收取加密貨幣最新動態！