Grayscale 在以太坊 ETF 上大舉押注，不顧 SEC 的猶豫

Grayscale 首席法務官 Craig Salm 對美國現貨以太坊 ETF 的批准仍然持樂觀態度，他引用了一個與現貨比特幣 ETF 類似的令人信服的案例。儘管美國SEC 缺乏承諾，但Salm 認為這些問題是可以解決的，與比特幣ETF 面臨的問題類似，還有其他動機，包括與ETH 期貨ETF 的一致性、ETH 期貨作為商品的分類以及投資者的需求。這種信心反映在 Grayscale 最近提交的 19b-4 修訂表以批准其 ETHE 現貨 ETF 中。

Grayscale Bullish on Ethereum Spot ETFs, Despite SEC's Hesitation

儘管 SEC 猶豫不決，灰階仍看好以太坊現貨 ETF

In a series of tweets, Craig Salm, Chief Legal Officer of Grayscale Investments, expressed strong confidence in the eventual approval of spot Ethereum exchange-traded funds (ETFs) in the United States, despite the perceived "lack of commitment" from the Securities and Exchange Commission (SEC).

Grayscale Investments 首席法務官 Craig Salm 在一系列推文中表達了對美國最終批准現貨以太坊交易所交易基金 (ETF) 的強烈信心，儘管美國證券交易委員會認為「缺乏承諾」。交易委員會（SEC）。

Salm's optimism stems from the belief that the case for Ethereum spot ETFs is just as compelling as the one for Bitcoin spot ETFs, which received SEC approval in January 2024. He noted, "In the final months leading up to #Bitcoin ETF approval, @Grayscale and others received positive and constructive engagement from the SEC."

Salm 的樂觀源於相信以太坊現貨ETF 的案例與比特幣現貨ETF 的案例一樣引人注目，比特幣現貨ETF 於2024 年1 月獲得了SEC 的批准。他指出，「在#Bitcoin ETF 批准之前的最後幾個月，@ Grayscale 和其他公司得到了 SEC 的積極和建設性參與。”

Salm also highlighted other factors that bolster his conviction in the approval of Ethereum spot ETFs. These include:

Salm 也強調了其他因素，這些因素增強了他對以太坊現貨 ETF 獲得批准的信念。這些包括：

• Consistency with ETH Futures ETFs: Ethereum futures ETFs have already been approved, suggesting that the SEC is open to regulated ETH products.
• Regulation of ETH Futures as Commodity Futures: The SEC's classification of ETH futures as commodity futures, rather than securities futures, provides a legal framework for spot ETFs.
• High Correlation Between Futures and Spot: The strong correlation between ETH futures and the spot price indicates that spot ETFs would track the value of Ethereum accurately.

Furthermore, Salm emphasized the growing demand from investors for Ethereum spot ETFs. "It is precisely investors who want and deserve access to Ethereum in the form of an Exchange-Traded Fund spot, just like what happened with Bitcoin," he tweeted.

與ETH 期貨ETF 的一致性：以太坊期貨ETF 已獲得批准，這表明SEC 對受監管的ETH 產品持開放態度。將ETH 期貨作為商品期貨進行監管：SEC 將ETH 期貨歸類為商品期貨，而不是證券期貨，這提供了期貨與現貨之間的高度相關性：ETH期貨與現貨價格之間的強相關性表明現貨ETF將準確追蹤以太坊的價值。此外，Salm強調投資者對以太坊現貨ETF的需求不斷成長。他在推特上寫道：“正是投資者想要並且應該以交易所交易基金現貨的形式獲得以太坊，就像比特幣發生的情況一樣。”

Grayscale's bullish stance is reflected in its recent actions. Last week, the company filed an amended Form 19b-4 with the SEC for its Ethereum spot ETF application. The updated form seeks approval to list the Grayscale Ethereum Spot ETF (ETHE) on the NYSE Arca.

灰度的看漲立場反映在其最近的行動中。上週，該公司向 SEC 提交了修訂後的 19b-4 表格，用於其以太坊現貨 ETF 申請。更新後的表格尋求批准灰階以太坊現貨 ETF (ETHE) 在 NYSE Arca 上市。

Grayscale is not the only player vying for SEC approval. Several other asset managers, including BlackRock, VanEck, ARK 21Shares, and Fidelity, have also submitted applications for Ethereum spot ETFs. Analysts anticipate that the SEC will rule on VanEck's application by May 23, which could provide insights into the regulatory body's stance on spot ETH ETFs.

Grayscale 並不是唯一一家爭奪 SEC 批准的公司。其他幾家資產管理公司，包括 BlackRock、VanEck、ARK 21Shares 和 Fidelity，也提交了以太坊現貨 ETF 的申請。分析師預計 SEC 將在 5 月 23 日之前對 VanEck 的申請做出裁決，這可以讓人們了解監管機構對現貨 ETH ETF 的立場。

In addition to its ETF pursuits, Grayscale recently introduced the Grayscale Dynamic Income Fund (GDIF), a new fund focused on crypto staking. The fund initially includes nine blockchain assets in its portfolio, including APT, TIA, CBETH, ATOM, NEAR, OSMO, DOT, SEI, and SOL. The GDIF aims to generate income for investors through quarterly distributions in US dollars.

除了關注 ETF 之外，灰階最近還推出了灰階動態收益基金（GDIF），這是一款專注於加密貨幣質押的新基金。該基金最初在其投資組合中包括九種區塊鏈資產，包括 APT、TIA、CBETH、ATOM、NEAR、OSMO、DOT、SEI 和 SOL。 GDIF 旨在透過美元季度分配為投資者創造收入。

Grayscale's confidence in the future of Ethereum spot ETFs and its expansion into crypto staking underscore the growing institutional acceptance and adoption of digital assets. The outcome of the SEC's review of Ethereum spot ETF applications will be closely watched by investors, asset managers, and the crypto industry as a whole.

Grayscale 對以太坊現貨 ETF 的未來充滿信心，並擴展到加密貨幣質押領域，這突顯了機構對數位資產的接受和採用不斷增長。美國證券交易委員會對以太坊現貨 ETF 申請的審查結果將受到投資者、資產管理公司和整個加密產業的密切關注。