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Grayscale's $9 billion head start in ethereum is at risk as big investors launch ETFs - TL;DR CNBC

Grayscale's $9 billion head start in ethereum is at risk as big investors launch ETFs

Publishing timestamp: 2024-07-25 11:53:41


Summary

The first-ever spot ether exchange-traded funds have hit U.S. markets, posing a challenge to crypto firm Grayscale. Grayscale, which holds over $9 billion worth of ether, is facing competition from larger financial firms offering spot ether ETFs with reduced fees. Grayscale's Ethereum Trust saw redemptions as investors switched to cheaper alternatives. Grayscale is also offering its own spot ether ETF with a higher fee compared to competitors. The company's former CEO, Michael Sonnenshein, resigned in May, leaving the new CEO, Peter Mintzberg, to navigate the competitive ETF market. Despite challenges, Grayscale is benefiting from the rebound in the crypto market.


Sentiment: MIXED

Tickers: BLKLTC.CB=GSXLM.BF=ETHEETH.CM=BTC.CM=JPM

Keywords: stellar lumens/usd bitfinexlitecoin/usdbitcoincryptocurrencyjpmorgan chase & coenergybusiness newsgrayscale ethereum trust (eth)fintechgrayscale bitcoin trust (btc)bitcoin/usd coin metricsgoldman sachs group incethereum/usd coin metricsblackrock inctechnologygrayscale decentraland trust (mana)21shares ag

Source: https://www.cnbc.com/2024/07/24/grayscale-tries-to-hold-lead-in-ether-etf-battle.html


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