Krutika Adani
Grayscale had been witnessed transferring over 292,262 ETH worth over $1 billion to Coinbase’s institutional account.
The transfer to Coinbase is intended for the launch of the recently approved Ethereum Mini Trust (ETF).
Grayscale is launching its Ethereum Mini Trust on NYSE’s ARCA platform today.
Grayscale Mini Ethereum Trust is a low-priced spot Ethereum ETF aimed at the retail market.
The low-priced ETF will make it easier for people to buy Ethereum, thereby allowing Grayscale to penetrate a much broader market.
The transfer to Coinbase was essential because Coinbase is also a crypto-custodian for several Ethereum ETFs, including Grayscale.