Grayscale Transfers $82 Million in BTC and ETH to Coinbase Prime
CryptoNewsTerminal Staff05 Aug, 2024
Grayscale Transfers $82 Million in BTC and ETH to Coinbase Prime
Grayscale Investments, the world's largest digital currency manager, has transferred $82.2 million worth of Bitcoin (BTC) and Ether (ETH) to Coinbase Prime. According to blockchain analytics firm Arkham Intelligence, the transfer occurred about an hour ago and involved 849 BTC (worth approximately $36.98 million) and 20,416 ETH (worth approximately $45.22 million). Grayscale routinely transfers assets to Coinbase Prime, which provides custody and trading services for institutional investors, in preparation for the launch of its spot Bitcoin and Ethereum exchange-traded funds (ETFs). The company has been actively seeking approval from the U.S. Securities and Exchange Commission (SEC) to launch these ETFs for several years. The latest transfer suggests that Grayscale may be preparing to launch its spot Bitcoin and Ethereum ETFs in the near future. However, the SEC has yet to approve any spot Bitcoin or Ethereum ETFs, and it is unclear when or if they will do so.
