灰度引发现货以太ETF费用战

灰度以太坊迷你信托（ETH）目前在年度赞助费方面最具竞争力，因此可能引发未来的费用战。

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

Grayscale 将迷你以太坊信托的保荐费降低至每年 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 已向美国证券交易委员会 (SEC) 提交了修订后的 S-1 文件，以降低其保荐费。

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.

灰度以太坊迷你信托（ETH）现已成为市场上现货以太坊 ETF 发行人中年度管理费最低的产品。

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

在 SEC 批准相关提案后，灰度正准备于下周推出灰度迷你以太坊信托。

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

在美国证券交易委员会周四批准该交易所拟议的规则变更后，灰度现已获得法律许可推出现货以太 ETF。

Grayscale Mini Ethereum Trust Sponsor Fee at 0.15% Annually

灰度迷你以太坊信托保荐费为每年 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.

全球最大的数字货币资产管理公司 Grayscale Investments 于 7 月 18 日向美国证券交易委员会 (SEC) 提交了修订后的 S-1 文件，以降低其保荐费。根据 SEC 的文件，灰度以太坊迷你信托 (ETH) 将其管理费从每年 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.

该公司还指出，将在前六个月将费用免除至 0%，但适用于最多 20 亿美元的管理资产 (AUM)。因此，与其他现货以太坊 ETF 发行人相比，灰度以太坊迷你信托现在提供最低的年度管理费。

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 周四报道的那样，灰度计划从灰度以太坊信托 ($ETHE) 中剥离 100 亿美元中的 10%，作为灰度以太坊迷你信托的种子。由于其约 2.50% 的高保荐费，预计 ETHE 下周上市后将以与 GBTC 类似的方式流失。

“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：“迷你信托的保荐费将为每年 0.15%，如果信托的资产管理规模在信托生效后的前六个月内不超过 20 亿美元，则可以免除保荐费。”

Grayscale Triggers Spot Ether ETF Fee War

灰度引发现货以太ETF费用战

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.

灰度以太坊迷你信托基金管理费的显着下降预计将迫使其他现货以太坊 ETF 走类似的道路。 Seyffart 表示，ProShares 以太坊信托可能不会按预期在下周启动，因为截至周五伦敦时段，他们尚未提交更新的 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.

除了发行人之间的激烈竞争之外，对现货比特币 ETF 和现货以太坊 ETF 的高需求预计将进一步加剧未来的费用战。此外，随着Web3项目和数字资产的主流采用，全球对以太坊的需求逐渐上升。

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，除了智能合约开发之外，以太坊网络在现实世界资产代币化方面也是无可争议的领导者。去年以太坊质押和自动销毁机制的引入极大地帮助以太坊成为一种健全的货币形式。

Market Impact

市场影响

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.

在即将在美国上市的以太坊现货 ETF 持续炒作的推动下，过去两周内 ETH 价格飙升超过 17%，周五徘徊在 3,378 美元左右。这种大盘山寨币的完全稀释估值约为 4060 亿美元，日均交易量约为 140 亿美元，吸引了散户和机构投资者的密切关注。

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.

在过去四个月中，以太坊的价格在 2,808 美元至 2,915 美元之间建立了稳定的波动区间，其价格可能会在短期内创下历史新高。