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Reading: Grayscale Sends $1B ETH to Coinbase Prime Ahead Of Ethereum ETF Launch
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BTCRepublic > News > Ethereum News > Grayscale Sends $1B ETH to Coinbase Prime Ahead Of Ethereum ETF Launch
Ethereum News

Grayscale Sends $1B ETH to Coinbase Prime Ahead Of Ethereum ETF Launch

Mary
Last updated: October 25, 2024 3:59 pm
Mary
Published: July 23, 2024
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Disclosure: BTCRepublic provides analysis and forecasts but does not offer investment advice. Our content is for informational purposes only. Please conduct your own thorough research and consult with a financial advisor before making any investment in cryptocurrency.
Grayscale Sends $1B ETH to Coinbase Prime Ahead Of Ethereum ETF Launch
Highlights
  • Grayscale has sent $1 billion ETH to Coinbase Prime.
  • The transfer of funds comes ahead of the launch of spot ETH ETFs.
  • The transfer also comes after the SEC approved several Ether ETF applications.

Grayscale, the world’s largest digital asset manager, has sent $1.01 billion worth of Ether to the Coinbase Prime trading platform ahead of the launch of spot Ether ETFs. 

Contents
Grayscale Moves $1B Ethereum to Coinbase PrimeSpot Ether ETF Get SEC Greenlight 

Data from Arkham Intelligence shows that the Grayscale Ethereum Trust sent 292,000 ETH nine hours ago, worth $1.01 billion, to Coinbase Prime. 

The movement of these funds comes as the digital asset manager gets ready to transform the Ethereum Trust into two ETFs. 

Grayscale Moves $1B Ethereum to Coinbase Prime

In an X post, Bloomberg ETF strategist Eric Balchunas opined that Grayscale was moving funds from its Trust to a new Grayscale Ethereum mini-ETF. 

Balchunas opined that the recent movement of funds indicated that the ETF would start trading with $1 billion. The asset manager also imposed a 15 basis point fee as ETF issuers engage in a fee war to gain a competitive edge. 

Eth ETF race has already begun w/ a transfer from $ETHE to its mini-me = $ETH gonna begin its life w/ $1b and a category-low 15bp fee. That’s a new variable in this race that we didn’t have in btc race. https://t.co/7v6kh8Kw5Q

— Eric Balchunas (@EricBalchunas) July 22, 2024

Grayscale has around $10 billion in assets under management and is among the applicants for spot Ether ETFs. The firm plans to transform its Ethereum Trust into an ETF at a 2.5% fee. 

Grayscale plans to use its ETH Mini Trust ETF to attract retail investors. The shares of the mini trust also differ from the Grayscale ETHE ETF. The mini-trust offers a small portion of underlying ETH compared to ETH, meaning the price will be lower. 

Spot Ether ETF Get SEC Greenlight 

The US securities regulator approved several spot Ether ETFs on Monday, meaning these products will start trading on July 23. 

The ETF products approved by the US securities regulator include those offered by 21Shares, Bitwise, BlackRock, Fidelity, Franklin Templeton, Invesco Galaxy, and VanEck. 

The recent documentation by the SEC did not contain official adequate documentation from the SEC on the Grayscale Ethereum ETFs. However, Bloomberg’s James Seyffart noted that these ETFs will also likely start to trade on Tuesday, as the reason behind the hold-up was uncertain. 

Unsure if it means anything but the only funds from the Ethereum ETF race that don't yet have the official effective documents from the SEC are @Grayscale's $ETHE and $ETH. That said I'm still expecting them before trading tomorrow. Not sure what the holdup is? pic.twitter.com/mbVmhCvPmQ

— James Seyffart (@JSeyff) July 22, 2024

Seyffary added that this hold-up was expected because the Grayscale products were spinoffs. This made the Ethereum products more complex and time-intensive than launching new funds. 

The final approval of spot ETH ETFs comes a day after US President Joe Biden announced that he was dropping out of the US presidential race.

Approving the 19b-4 filings for these products in May was primarily seen as political as Republican presidential contender Donald Trump took a pro-crypto stance. 

Ether has yet to react despite the highly-anticipated approval of these products. ETH is down 0.8% in the last 24 hours to trade at $3,454 on July 23 at 03:39 a.m. EST. ETH’s performance is in stark contrast to how Bitcoin performed after spot ETH approvals in January. 

Spot Ethereum ETFs Post $107M Inflows On First Day of Trading
Bloomberg Analyst Predicts ETH ETF Launch Next Week as BitWise Files Amended S-1
Ethereum Meme Coins Rally to New Highs on Hopes of Ethereum ETF Approval
SEC Chair Gary Gensler Hints at Ethereum ETF Approvals This Summer
US SEC Authorizes the First Leveraged MicroStrategy ETF
TAGGED:ETFEthereum

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Mary BTCRebpublic
ByMary
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Muthoni Mary is an aspiring writer with a keen interest in the cryptocurrency and blockchain space. She combines her passion for finance and crypto with a talent for clear and engaging writing to curate informative articles.
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Reading: Grayscale Sends $1B ETH to Coinbase Prime Ahead Of Ethereum ETF Launch
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