The long-anticipated era of spot Ethereum exchange-traded funds (ETFs) has officially arrived in the United States. With trading commencing today, major asset managers including Grayscale, BlackRock, and VanEck are making bold moves to capture investor interest in this transformative financial product.
Grayscale Debuts Two Spot Ethereum ETFs on NYSE Arca
Grayscale Investments, the world’s largest digital asset manager, has officially launched its Grayscale Ethereum Mini Trust (ETH) on the NYSE Arca exchange. This new product joins the already converted Grayscale Ethereum Trust (ETHE), marking a pivotal moment for institutional crypto adoption.
👉 Discover how institutional investors are gaining secure exposure to Ethereum through regulated ETFs.
The Ethereum Mini Trust offers investors a cost-efficient entry point into the Ethereum market. For the first six months of trading—or until the fund reaches $2 billion in assets under management (AUM)—Grayscale is waiving management fees entirely at 0%. Once either threshold is met, a modest 0.15% sponsor fee will apply.
In contrast, ETHE carries a significantly higher expense ratio of 2.5%, reflecting its legacy structure prior to conversion into an ETF. This stark difference highlights Grayscale’s strategy: attract volume with a competitive fee structure while maintaining premium offerings for long-standing investors.
Regulatory Approval Finalized Amid Market Anticipation
The launch follows the U.S. Securities and Exchange Commission’s (SEC) final approval of multiple spot Ethereum ETF applications—confirming a watershed moment for cryptocurrency regulation. While the SEC approved exchange listing rules for these products in May 2024, it delayed decisions on S-1 registration statements until just hours before trading began.
Notably, Bloomberg ETF analyst James Seyffart pointed out that Grayscale’s $ETH and $ETHE were the only funds without confirmed effective S-1 filings by the evening of July 22. However, both products started trading on July 23, indicating last-minute regulatory clearance.
This final green light underscores growing regulatory confidence in Ethereum’s compliance framework and its distinction from other digital assets.
How Grayscale’s Mini Trust Differs from Traditional Ethereum Exposure
The Grayscale Ethereum Mini Trust is engineered specifically for mainstream investors seeking low-cost, regulated access to Ethereum. Unlike direct crypto ownership, which requires self-custody and technical know-how, ETFs offer simplicity and security through traditional brokerage accounts.
Key advantages include:
- Regulatory oversight by the SEC
- Familiar investment vehicle via stock exchanges
- No need for private key management
- Lower barriers to entry for retail and institutional portfolios
With zero fees during the initial phase, Grayscale aims to rapidly scale AUM and solidify its position as a leader in digital asset ETFs.
BlackRock and VanEck Launch Marketing Campaigns to Drive Adoption
As competition intensifies, major financial institutions are rolling out aggressive educational campaigns to onboard new investors.
BlackRock Introduces iShares Ethereum ETF (ETHA)
BlackRock has launched a dedicated educational video featuring Jay Jacobs, Head of U.S. Thematic and Active ETFs at the firm. In the video, Jacobs emphasizes Ethereum’s utility over mere scarcity—drawing a clear contrast with Bitcoin.
“While many see Bitcoin’s scarcity as its main appeal, Ethereum’s strength lies in its functionality,” Jacobs explains. “Think of Ethereum as a global platform for decentralized applications (dApps) that operates without centralized intermediaries.”
This messaging aligns with broader efforts to position Ethereum not just as a store of value but as foundational infrastructure for Web3 innovation.
BlackRock has also redesigned its iShares website to spotlight ETHA, integrating real-time data, educational resources, and investment insights—all aimed at demystifying Ethereum for traditional finance audiences.
👉 Learn how leading asset managers are framing Ethereum as essential digital infrastructure.
VanEck Joins the Digital Redesign Wave
VanEck has followed suit, revamping its homepage to feature its spot Ethereum ETF (ETHV). The move signals a coordinated industry effort to elevate visibility and trust in these new financial instruments.
Other issuers like Fidelity, 21Shares, and Ark Invest are expected to roll out similar initiatives in the coming weeks.
Current Landscape: Nine Approved Spot Ethereum ETFs Now Live
As of July 2025, there are nine approved spot Ethereum ETFs from eight different issuers:
- Grayscale Ethereum Mini Trust (ETH)
- Grayscale Ethereum Trust (ETHE)
- 21Shares Core Ethereum ETF (CETH)
- VanEck Ethereum ETF (ETHV)
- BlackRock iShares Ethereum ETF (ETHA)
- Fidelity Ethereum Fund (FETH)
- Franklin Ethereum ETF (EZET)
- Invesco Galaxy Ethereum ETF (QETH)
- Bitwise Ethereum ETF (BITC)
Fees across most funds range between 0.19% and 0.25%, with Grayscale’s Mini Trust offering the lowest post-promotional rate at 0.15%—making it one of the most competitive options available.
Custodial Infrastructure: Coinbase Dominates, Gemini and Fidelity Support Key Players
Security remains paramount for ETF success. Coinbase Custody serves as the custodian for seven of the nine approved funds—including ETHA, ETH, ETHE, EZET, ETHW, QETH, and CETH—highlighting its growing role in institutional crypto infrastructure.
Meanwhile:
- Fidelity Digital Assets provides custody for its own FETH fund.
- Gemini Trust Company is responsible for safeguarding VanEck’s ETHV holdings.
This diversified yet concentrated custody landscape reflects careful risk management by issuers and regulators alike.
Arkham Identifies On-Chain Addresses for All Spot ETH ETFs
Blockchain analytics firm Arkham Intelligence has published on-chain wallet addresses linked to all newly launched spot Ethereum ETFs. Claiming to be the first data provider to publicly identify these wallets, Arkham enables real-time tracking of fund inflows and outflows.
“Breakthrough: All ETH ETFs are now live on Arkham. We’ve identified the on-chain locations for every fund launching today,” tweeted Arkham.
This transparency allows traders and analysts to monitor institutional accumulation patterns—a powerful tool for gauging market sentiment.
Trading Goes Live at 9:30 AM ET
Spot Ethereum ETF trading officially opened at 9:30 AM Eastern Time, marking a historic milestone in crypto finance. Market makers and liquidity providers are now active across all major platforms, ensuring tight spreads and robust price discovery.
Frequently Asked Questions (FAQ)
Q: What is a spot Ethereum ETF?
A: A spot Ethereum ETF directly holds physical Ethereum tokens and tracks their market price in real time—unlike futures-based ETFs that rely on derivatives contracts.
Q: Why are spot ETH ETFs important?
A: They provide regulated, accessible exposure to Ethereum for traditional investors through brokerage accounts—without requiring crypto wallets or exchanges.
Q: Which Ethereum ETF has the lowest fee?
A: Grayscale’s Ethereum Mini Trust offers 0% fees for the first six months or until $2 billion AUM is reached; afterward, it charges 0.15%, currently the lowest among all issuers.
Q: Who regulates these ETFs?
A: The U.S. Securities and Exchange Commission (SEC) oversees all spot Ethereum ETFs listed on national securities exchanges.
Q: Can I buy an ETH ETF through my regular brokerage account?
A: Yes—most major brokerages like Fidelity, Charles Schwab, and Robinhood support trading of approved spot Ethereum ETFs.
Q: How does an ETF differ from buying ETH directly?
A: An ETF offers convenience and regulatory protection but doesn’t grant ownership of actual tokens or private keys—ideal for passive investors avoiding self-custody risks.
👉 Explore how regulated crypto investment products are reshaping global financial markets.