灰階引發現貨以太ETF費用戰

灰階以太坊迷你信託（ETH）目前在年度贊助費方面最具競爭力，因此可能引發未來的費用戰。

Grayscale Lowers Sponsor Fee to 0.15% Annually for Mini Ethereum Trust

Grayscale 將迷你以太坊信託的保薦費降低至每年 0.15%

Grayscale Investments has filed an amended S-1 document with the United States Securities and Exchange Commission (SEC) to lower its sponsor fee.

Grayscale Investments 已向美國證券交易委員會 (SEC) 提交了修訂後的 S-1 文件，以降低其保薦費。

The Grayscale Ethereum Mini Trust (ETH) has now emerged as the offering with the lowest annual management fee among the spot Ether ETF issuers in the market.

灰階以太坊迷你信託（ETH）現已成為市場上現貨以太幣 ETF 發行人中年度管理費最低的產品。

Grayscale is preparing to launch its Grayscale Mini Ethereum Trust next week, following the SEC’s approval of the relevant proposal.

在 SEC 批准相關提案後，灰階正準備在下週推出灰階迷你以太坊信託。

Grayscale is now legally permitted to launch a spot Ether ETF after the SEC approved the exchange’s proposed rule change on Thursday.

在美國證券交易委員會週四批准該交易所擬議的規則變更後，灰階現已獲得法律許可推出現貨以太 ETF。

Grayscale Mini Ethereum Trust Sponsor Fee at 0.15% Annually

灰階迷你以太坊信託保薦費為每年 0.15%

Grayscale Investments, the world’s largest digital currency asset manager, filed an amended S-1 document with the United States Securities and Exchange Commission (SEC) on July 18 to lower its sponsor fee. According to the SEC filing, the Grayscale Ethereum Mini Trust (ETH) lowered its management fee from 0.25 percent to 0.15 percent annually.

全球最大的數位貨幣資產管理公司 Grayscale Investments 於 7 月 18 日向美國證券交易委員會 (SEC) 提交了修訂後的 S-1 文件，以降低其保薦費。根據 SEC 的文件，灰階以太坊迷你信託 (ETH) 將其管理費從每年 0.25% 降低到 0.15%。

The company also noted that it will be waiving the fee to 0 percent for the first six months, but applicable to a maximum of $2 billion in assets under management (AUM). As a result, the Grayscale Ethereum Mini Trust is now offering the lowest annual management fee compared to the rest of the spot Ether ETF issuers.

該公司還指出，將在前六個月將費用免除至 0%，但適用於最多 20 億美元的管理資產 (AUM)。因此，與其他現貨以太坊 ETF 發行人相比，灰階以太坊迷你信託現在提供最低的年度管理費。

As Coinspeaker reported on Thursday, Grayscale intends to divest 10 percent of the $10 billion from the Grayscale Ethereum Trust ($ETHE) to seed the Grayscale Ethereum Mini Trust. The ETHE is expected to bleed in a similar fashion to the GBTC after listing next week due to its high sponsor fees of about 2.50 percent.

正如 Coinspeaker 週四報導的那樣，灰度計劃從灰度以太坊信託 ($ETHE) 中剝離 100 億美元中的 10%，作為灰度以太坊迷你信託的種子。由於其約 2.50% 的高保薦費，預計 ETHE 下週上市後將以與 GBTC 類似的方式流失。

“The sponsor fee for the mini trust will be 0.15% per annum, which will be waived to the extent that the trust’s AUM does not exceed $2 billion for the first six months following the trust’s effective date,” Grayscale stated in the filing.

Grayscale 在文件中表示：“迷你信託的保薦費將為每年 0.15%，如果信託的資產管理規模在信託生效後的前六個月內不超過 20 億美元，則可以免除保薦費。”

Grayscale Triggers Spot Ether ETF Fee War

灰階引發現貨以太ETF費用戰

The notable decline in the management fees from the Grayscale Ethereum Mini Trust is expected to compel the rest of the spot Ether ETFs to follow a similar path. According to Seyffart, there is a likelihood that ProShares Ethereum Trust might not launch next week as expected since they have not yet filed their updated S-1 documents as of Friday during the London session.

灰階以太坊迷你信託基金管理費的顯著下降預計將迫使其他現貨以太坊 ETF 走類似的道路。 Seyffart 表示，ProShares 以太坊信託可能不會如預期在下週啟動，因為截至週五倫敦時段，他們尚未提交更新的 S-1 文件。

The high demand for the spot Bitcoin ETFs and the spot Ether ETFs in addition to huge competition among the issuers is expected to further escalate the fee war ahead. Moreover, the demand for Ethereum is gradually rising globally amid the mainstream adoption of Web3 projects and digital assets.

除了發行人之間的激烈競爭之外，對現貨比特幣 ETF 和現貨以太坊 ETF 的高需求預計將進一步加劇未來的費用戰。此外，隨著Web3專案和數位資產的主流採用，全球對以太坊的需求也逐漸上升。

Notably, the Ethereum network is the undisputed leader in real-world asset tokenization in addition to smart contract development. The introduction of Ethereum staking and auto-burning mechanism last year has significantly helped Ether become a sound form of money.

值得注意的是，除了智慧合約開發之外，以太坊網路在現實世界資產代幣化方面也是無可爭議的領導者。去年以太坊質押和自動銷毀機制的引入極大地幫助以太坊成為一種健全的貨幣形式。

Market Impact

市場影響

Amid the ongoing hype fueled by the upcoming listing of spot Ether ETFs in the United States, ETH price has surged more than 17 percent in the past two weeks to hover around $3,378 on Friday. The large-cap altcoin, with a fully diluted valuation of about $406 billion and a daily average traded volume of around $14 billion, has attracted notable attention from both retail and institutional investors.

在即將在美國上市的以太坊現貨 ETF 持續炒作的推動下，過去兩週內 ETH 價格飆升超過 17%，週五徘徊在 3,378 美元左右。這種大盤山寨幣的完全稀釋估值約為 4,060 億美元，日均交易量約為 140 億美元，吸引了散戶和機構投資者的密切關注。

Having established a solid supper range between $2,808 and $2,915 in the last four months, Ethereum’s price could be aiming for a new all-time high in the near term.

在過去四個月中，以太幣的價格在 2,808 美元至 2,915 美元之間建立了穩定的波動區間，其價格可能會在短期內創下歷史新高。