In a surprising turn of events within the ever-evolving cryptocurrency industry, Grayscale, the renowned asset management firm, has announced that its Ethereum exchange-traded fund (ETF) will have the lowest fees in the market. The company has introduced a remarkably low fee of 15 basis points for its Ethereum Mini Spot ETF, positioning itself as the leader in terms of cost-efficiency. In comparison, BlackRock’s ETF, the iShares Ethereum Trust, will charge a fee of 25 basis points. The updated fee details for the Ethereum ETF have been officially filed with the United States Securities and Exchange Commission (SEC) on July 18.
Scott Johnson, a financial lawyer, expressed his thoughts on Grayscale’s decision by sharing the company’s official document. He stated, “Grayscale got smart and reduced the fee to 15 basis points, with a full exemption for the first $2 billion. This is exactly what I anticipated.” Johnson’s tweet included a link to the document, highlighting Grayscale’s strategic move.
Furthermore, the SEC has recently granted approval for the Grayscale Mini Ethereum Spot ETF, marking a significant milestone in the cryptocurrency ETF market. This approval brings the total number of approved Ethereum Spot ETFs in the United States to ten, including the newly added ones from Proshares and Grayscale. Although Grayscale is celebrating this achievement, the final authorization to commence trading these ETFs is still pending. Bloomberg analysts, along with ETF specialists, predict that the necessary authorization for trading could be granted by July 23.
As of the time of publication, the price of Ethereum stands at $3,455.27, experiencing a slight decline of 0.5% within the last 24 hours. However, the cryptocurrency has shown a remarkable recovery over the past week, with its price surging by more than 12% in the last seven days alone.
Disclaimer: The opinions expressed in this article, whether by the author or anyone mentioned, are solely for informational purposes and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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