💰 Grayscale transfers $1B in ETH to Coinbase ahead of Ether ETF launch 💰

The transfer occurred a day before the first spot Ether ETFs in the United States are expected to start trading on July 23.

Grayscale transferred $1 billion worth of Ether to Coinbase on July 22, signaling the asset manager’s preparation for the launch of spot Ether exchange-traded funds (ETFs) in the United States, according to blockchain data.

✅ Following the transfer, approximately 10% of the 292,000 Ether was transferred from the Coinbase hot wallet to the Grayscale Mini Trust, or wallet “0xab3,” according to a July 23 X post by data provider iChaininfo.

The billion-dollar transfer came a day before the launch of the first batch of US-based spot Ether ETFs, which will begin trading on July 23. The large transfers suggest that Grayscale is pre-seeding funds to prepare for the ETF launch.

🚀 Coinbase exchange will be the custodian for eight of the nine newly approved Ether ETFs. The exchange is already the custodian powering 10 of the 11 existing spot Bitcoin ETFs, according to a July 22 announcement.