Grayscale Seeks SEC Approval to Convert Ethereum Trust into Spot ETF
In Brief
Grayscale seeks SEC approval to convert its Ethereum Trust into an ETF, following the SEC’s clearance of Ethereum futures ETFs.
ETHE is the world’s largest Ethereum investment product with nearly $5 billion in assets.
Grayscale Investments, a major crypto asset manager, is working with NYSE Arca for an SEC permission to change its Grayscale Ethereum Trust (ETHE) into an Ethereum ETF.
ETHE is the world’s largest Ethereum investment product, managing almost $5 billion in assets. The move comes after the SEC approved the first Ethereum futures ETFs.
Grayscale CEO Michael Sonnenshein said the company commits to providing investors with transparent and regulated access to cryptocurrency through familiar product structures. The conversion of ETHE into an ETF marks a significant moment in bringing Ethereum further within the U.S. regulatory framework.
“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,” said Sonnenshein.
Grayscale’s ETHE currently represents 2.5% of all Ethereum in circulation and is actively traded with millions of dollars in daily volume, attracting the attention of more than a quarter of a million American investors.
In addition to this Ethereum Trust conversion, Grayscale is awaiting SEC approval to transform its Grayscale Bitcoin Trust (GBTC) into an ETF following a legal victory over the SEC earlier this year.
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].
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Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].
