Grayscale’s ETHE discount to NAV hits lowest level since 2021 amid growing optimism for Ethereum ETF approval | Headlines | News | CoinMarketCap
05/22/2024 17:01
The Grayscale Ethereum Trust (ETHE) discount to net asset value (NAV) has narrowed to its lowest level in over two years amid newly optimistic …
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Published on May 22, 2024 09:44 GMT+00:00edited on May 22, 2024 09:49 GMT+00:00
The Grayscale Ethereum Trust (ETHE) discount to net asset value (NAV) has narrowed to its lowest level in over two years amid newly optimistic outlook for a spot ether exchange-traded fund approval by the Securities and Exchange Commission.
Discount to NAV indicates how much lower the market price of each share is compared to the value of the ether it represents. It fell to -6.7% by market close yesterday—the lowest since December 2021, according to YCharts data.
The narrowing discount may be considered as a gauge for the likelihood of spot Ethereum ETF approvals, with investors seemingly buying up the discounted shares ahead of a potential ETF conversion — as was the case with the Grayscale Bitcoin Trust (GBTC) before its conversion to an ETF in January.
The Ethereum Bitcoin Trust …