Following the approval of the first Ether (eth) futures exchange-traded fund (ETF), Grayscale Investments is looking to convert its Grayscale ethereum Trust into a spot Ether exchange-traded fund (ETF).
Arca of the New York Stock Exchange filed for conversion with the United States Securities and Exchange Commission (SEC) on October 2. Grayscale’s existing trust invested in Ether futures contracts as an indirect means of exposure to eth, but a spot ETF will invest in the underlying asset itself.
@Grayscale has filed to convert Grayscale ethereum Trust into a spot ETF. $eth
Thank you for your continued support – our team is just getting started! https://t.co/3nNtfe4Nns
-Sonnenshein (@Sonnenshein) October 2, 2023
Grayscale CEO Michael Sonnenshein announced the move on X (formerly Twitter) and highlighted the company’s intention to offer mainstream investment products that offer exposure to cryptocurrency assets:
“As we file to convert ETHE into an ETF, the natural next step in the product’s evolution, we recognize this is an important moment to bring ethereum further into the US regulatory perimeter.”
Grayscale ethereum Trust launched in March 2019 and became an SEC reporting company in October 2020, providing the public with direct information on the performance of its cryptocurrency investment vehicle.
At the time of writing, ethereum Trust is crypto-products/grayscale-ethereum-trust” target=”_blank” rel=”noopener nofollow”>valued at $4.9 billion and represents around 2.5% of circulating eth. Grayscale also reports that 250,000 investor accounts are exposed to the trust.
Grayscale also indicated that it remains committed to taking its cryptocurrency products through an “anticipated four-phase lifecycle” ending with a conversion to an ETF. The platform currently crypto-products” target=”_blank” rel=”noopener nofollow”>offers 17 different cryptocurrency investment products.
Collect this item as nft to preserve this moment in history and show your support for independent journalism in the crypto space.
