Grayscale, Coinbase meet with SEC about spot ether ETFs

Markets•March 8, 2024, 2:02PM EST
UPDATED: March 8, 2024, 2:05PM EST
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Grayscale, Coinbase meet with SEC about spot ether ETFs

Quick Take

  • Coinbase and Grayscale met with the SEC this week, sharing information to support their push to secure regulatory approval for spot ether ETFS. 
  • Grayscale is trying to convert its Ethereal Trust into a spot ether ETF. 
  • The SEC approved spot bitcoin ETFs in January, catapulting bitcoin’s price to all-time high.

Grayscale and Coinbase held another round of talks with federal regulators this week, making headway in the companies' plans to launch an ether spot exchange-traded fund. 

The companies on Wednesday attempted to assuage the Securities and Exchange Commission (SEC) concerns about the safety of a spot ether ETF, which would expose investors to the price movements of the second-largest cryptocurrency by market cap. Grayscale is in the process of converting its failed Ethereum Trust into an ETF, a move that could further widen investors' access to crypto-based investment options. 

A presentation by Coinbase given at the meeting was posted on the SEC's website. 

The talks came two months following the SEC's approval of over a dozen spot bitcoin ETFs, helping catapult several cryptocurrencies' prices to record highs and intensifying investors' demand for crypto investment products.

Both bitcoin and ether prices hit record highs on Friday, surpassing $70,000 and $4,000 respectively.

 

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