The price of Grayscale Ethereum Trust (ETHE) has exceeded its NAV by 0.31% for the first time in three years, according to data from YCharts.
The premium or discount to NAV indicates how much higher or lower the market price of each share is compared to the value of Ethereum.
The discount began to narrow from December 2022 as speculation grew around the approval of spot exchange-traded funds (ETFs) based on the second-largest cryptocurrency and the launch of similar instruments based on Bitcoin.
On May 23, the U.S. Securities and Exchange Commission (SEC) approved the 19b-4 forms from Ethereum-ETF issuers. The next step is the review of S-1 form applications, which interested parties must submit to the agency by July 8.
Earlier, Bloomberg analyst Eric Balchunas suggested that spot Ethereum funds could launch on July 2. Reuters offered a similar forecast, with the agency expecting the Commission’s approval on July 4.
SEC Chairman Gary Gensler indicated the registration timeline as “sometime by the end of this summer.” He added that the application review process is “going smoothly.”
Analysts at Steno Research have predicted a net inflow of $15-20 billion into future funds over the year and an increase in Ethereum’s price to $6500.