Crypto asset supervisor Grayscale has filed an utility with the U.S. SEC to convert its Ethereum Trust to a space Ethereum ETF.
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Following the approval of the essential Ether (ETH) futures exchange-traded fund (ETF), Grayscale Investments is having a explore to convert its Grayscale Ethereum Trust to a space Ether exchange-traded fund (ETF).
The Original York Stock Switch Arca filed for the conversion with the United States Securities and Switch Price (SEC) on Oct. 2. Grayscale’s existing trust invested in Ether futures contracts as an oblique methodology of publicity to ETH, but a space ETF will put money into the underlying asset itself.
— Sonnenshein (@Sonnenshein) October 2, 2023
Grayscale CEO Michael Sonnenshein announced the dawdle on X (beforehand Twitter) and highlighted the agency’s intent to present venerable funding products offering publicity to cryptocurrency belongings:
“As we file to convert ETHE to an ETF, the pure next step in the product’s evolution, we explore this as a truly well-known moment to raise Ethereum even further into the U.S. regulatory perimeter.”The Grayscale Ethereum Trust used to be launched in March 2019 and went onto change into an SEC reporting firm in Oct. 2020, giving the general public narrate insight into the efficiency of its cryptocurrency funding automobile.
At the time of writing, the Ethereum Trust used to be valued at $4.9 billion, and accounts for around 2.5% of circulating ETH. Grayscale moreover experiences that 250,000 investor accounts beget publicity to the trust.
Grayscale moreover indicated that it stays dedicated to taking its cryptocurrency products by an “supposed four part lifecycle” ending with a conversion to an ETF. The platform currently affords 17 varied cryptocurrency funding products.