Following the approval of its first Ethereum (ETH) futures exchange traded fund (ETF), Grayscale Investments is looking to convert the Grayscale Ethereum Trust into an Ethereum spot exchange traded fund (ETF).
NYSE Arca filed for conversion with the US Securities and Exchange Commission (SEC) on October 2. Grayscale’s existing fund has invested in Ethereum futures as an indirect means of exposure to Ethereum, but the spot ETF will invest in the underlying asset itself.
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Michael Sonnenshein, CEO of Grayscale, announced the move to X (formerly Twitter) and highlighted the company’s intention to provide traditional investment products that provide exposure to crypto assets:
“As we apply to convert ETHE into an ETF, which is the natural next step in the product’s evolution, we recognize that this is an important moment to bring Ethereum beyond the US regulatory perimeter.”
Grayscale Ethereum Trust launched in March 2019 and became an SEC reporting company in October 2020, giving the public direct insight into the performance of its cryptocurrency investment vehicle.
At the time of writing, the Ethereum Trust is value It is worth $4.9 billion and represents about 2.5% of ETH in circulation. Grayscale also reports that 250,000 investor accounts are exposed to the trust.
Grayscale also noted that it remains committed to taking its cryptocurrency products through an “intended four-stage life cycle” that ends with conversion into an ETF. The platform is offline Offers 17 different products to invest in cryptocurrencies.
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