My view is if a U.S. spot bitcoin ETF gets approved, there should be little argument for holding up a spot ether ETF. And Grayscale itself has said it plans to convert ETHE and other products to ETFs. I wouldn’t hold your breath when it comes to SOL, ATOM or any other smaller crypto asset, but we have first-hand knowledge that ETH ETFs work. In fact, ethereum ETFs launched within weeks of the first bitcoin ETF. Regulators in Canada were comfortable with the product because there is a regulated futures market for ETH, allowing market makers to hedge risk while creating and redeeming units. I suspect that following a BTC approval, an ETH approval would not be far behind. ETHE’s discount is greater than GBTC’s, meaning a far greater arbitrage opportunity. Also, ETH markets are less liquid than BTC, so the incremental buying from an ETF could have a more material impact on price. And, in my view, ETH has better upside as the leading platform for Web3 development.