Grayscale Transfers $1B ETH to Coinbase One Day Ahead of Ether ETF Launch
Grayscale has transferred $1 billion worth of ether to Coinbase, signaling the asset manager's preparations to launch the space's ether exchange-traded funds (ETFs).
According to blockchain data, it will be among the first ETF issuers Grayscale, sent 292,262 Ether (ETH) worth more than 1 billion dollars to the Coinbase Prime deposit wallet on July 22, according to blockchain data.
Following the transfer, approximately 10% of the 292,000 ETH was transferred from the Coinbase hot wallet to the Grayscale Mini Trust or Wallet “0xab3”, iChaininfo posted on July 23, via a data provider.
The billion-dollar exchange will begin trading on July 23, a day before the US Spot Ether ETF. Large transfers indicate that Greyscale is a pre-seed fund to prepare for an EEF launch.
The Coinbase exchange serves as the custodian for eight of the nine newly approved Ether ETFs. In the year According to the July 22 announcement, the exchange is already the custodian of 10 of the 11 existing spot Bitcoin ETFs.
Related: Ether's ‘clearest bullish setup' set for H2 2024, says former Wall Street trader
This is a developing story, and more information will be added as it becomes available.
