Grayscale amends Ethereum ETF filing, says investors ‘want and deserve’ the fund
Grayscale amended a regulatory filing through which it intends to convert its to a spot exchange-traded fund (ETF). The companys March 15 amendment strengthens its earlier filing in multiple ways. The update supports the argument that surveillance sharing within the CME ETH market is sufficient to protect against fraud and manipulation in the spot ETH market. Grayscales latest amendment includes a correlation analysis conducted by Coinbase as evidence of sufficient market correlation. Coinbase found that the CME ETH futures market has been “consistently and highly correlated” with the spot Ethereum market for roughly the past three years. The rate is higher than the correlation that the SEC found between the CME Bitcoin futures market and the spot Bitcoin market. Grayscales amendment also expands on the creation and redemption of ETF shares. Notably, this section describes only cash creations and redemptions. It accordingly states that authorized participants cannot purchase, hold, deliver, or receive ETH. According to the filing, Grayscale Ethereum Trust now holds $11.8 billion in assets under management (AUM) instead of $4.8 billion of AUM. The conversion of the fund to an ETF would unlock over $1.73 billion of value instead of the $1.6 billion previously estimated. Grayscale advocates for ETF , Grayscales “want and deserve access