Like optimism around ethereum Spot Exchange Traded Funds (ETFs) continues to decline, Grayscale Investments, the world's leading digital asset manager, has filed an S-3 Registration Statement for its ethereum Trust, marking a major development in its Ether investment services.
Grayscale ethereum Trust Sets the Stage for Growth
Popular Fox Business journalist Eleanor Terrett x.com/EleanorTerrett/status/1782863981759074459″ target=”_blank” rel=”noopener nofollow”>reported that the company filed the S-3 registration statement with the United States Securities and Exchange Commission (SEC), requesting to convert its ethereum Trust into an eth spot ETF.
According to Terrett, Grayscale's ethereum Trust product is already registered with the SEC, so it does not need to file an S-1 like other eth ETF issuers or applicants such as Van Eck, Blackrock, Ark Invest, Hashdex, Invesco Galaxy.
With the recent filing, Grayscale has submitted all the necessary documentation for the regulatory watchdog to consider its eth ETF application and issue a resolution. However, the document has not yet been made available to the general public.
Terret also reported that the asset firm has filed for an S-1 ethereum mini ETF with the symbol eth, similar to its bitcoin mini-me ETF filed with the symbol btc. In March, the asset manager asked the SEC for approval to spin off a portion of GBTC shares in order to launch the new mini-me btc ETF.
Specifically, Grayscale came up with the strategy to stop its growing GBTC Outflows since the approval of btc ETFs in the US. However, the mini-me bitcoin ETF has not yet received the green light from the agency.
ETF Shares to List on NYSE Arca
Notably, the company filed Form S-3 with the Commission under the Securities Act of 1933. The company took the action after NYSE Arca filed Form 19b-4 for Grayscale ethereum Trust.
With the approval of NYSE Arca's application on Form 19b-4 to list shares and the effectiveness of Form S-3 to register the shares, Grayscale plans to list its eth ETF on NYSE Arca under the symbol ETHE and issue shares on an ongoing basis. These shares will be available only through the prospectus method.
Although the shares were registered with the SEC via a registration statement, they have not yet been considered operational. Before the entry into force of the registration declaration, shares or purchase offers may not be accepted, and any disposal of said shares will be considered unlawful.
By filing the S-3 registration statement, Grayscale hopes to improve regulatory compliance and clarity for its eth Trust. As a result, it will provide potential investors with more security and clarity when negotiating the complexities of cryptocurrency investments.
This move demonstrates Grayscale's proactive response to the growing demand for exposure to ethereum from institutional and retail investors, enhancing its position as a leader in the digital asset market.
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