Hassan Maishera
TL;DR
-
Grayscale has begun moves to convert its Ethereum Trust product to a spot ETH ETF.
-
The asset management firm made the same move with its Bitcoin Trust product.
Grayscale’s Ethereum Trust To Become A Spot ETH ETF
Grayscale Investments has partnered with NYSE Arca to file for approval from the U.S. Securities and Exchange Commission (SEC) to convert the Grayscale Ethereum Trust (ETHE) to a spot ethereum exchange-traded fund (ETF).
This latest development comes a few hours after Ether futures ETFs began to trade in the United States.
Grayscale’s Ethereum trust is currently the largest ether investment product in the world and has roughly $5 billion in assets under management.
While commenting on this latest development, Grayscale CEO Michael Sonnenshein said;
“At Grayscale, our unwavering commitment is to offer investors transparent and regulated access to crypto through product structures that are familiar. As we file to convert ETHE to an ETF, the natural next step in the product’s evolution, we recognize this as an important moment to bring Ethereum even further into the U.S. regulatory perimeter.”
Grayscale made a similar move with its Bitcoin Trust fund and recently enjoyed a victory over the SEC during the summer. The company is now awaiting approval from the regulatory agency to convert its Grayscale Bitcoin Trust (GBTC) to an ETF.
Grayscale is not the only company to file for a spot Ether ETF. Invesco/Galaxy Digital filed for a spot ETH ETF last week as the second-largest cryptocurrency by market cap continues to go mainstream.
ETH has lost more than 3% of its value in the last 24 hours and is now trading at around $1,664 per coin.
