Markets News Report
October 02, 2023

Grayscale Seeks SEC Approval to Convert Ethereum Trust into Spot ETF

Grayscale Seeks SEC Approval to Convert Ethereum Trust into Spot ETF

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.

Read more:

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

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].

More articles
Agne Cimerman
Agne Cimerman

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].

Hot Stories
Join Our Newsletter.
Latest News

Web3 Fundraising Report Q3 2023: A Overview of Evolving Trends and Strategies

In this report, we explore all the trends in the AI, crypto and web3 sectors and identify ...

Know More

Virtual Reality Superior Than Video Conferencing for Remote Work Collaboration: PWC Report

In today’s modern era of remote work, the traditional landscape of digital meetings and workshops is undergoing ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Chainlink (LINK) Announces Stacking Mechanism v0.2 Upgrade to Improve Network Functionality
Markets News Report
Chainlink (LINK) Announces Stacking Mechanism v0.2 Upgrade to Improve Network Functionality
November 30, 2023
Seraph Studio Launches ARPG Web3 Game ‘SERAPH: In The Darkness’ on Arbitrum One
Business News Report
Seraph Studio Launches ARPG Web3 Game ‘SERAPH: In The Darkness’ on Arbitrum One
November 30, 2023
NASA and IBM Partner to Develop Geospatial AI for Weather Prediction
News Report Technology
NASA and IBM Partner to Develop Geospatial AI for Weather Prediction
November 30, 2023
AntPool to Refund Record $3 Million Bitcoin Transaction Fee After User Error
News Report
AntPool to Refund Record $3 Million Bitcoin Transaction Fee After User Error
November 30, 2023
What You
Need to Know

Subscribe To Our Newsletter.
Daily search marketing tidbits for savvy pros.