Grayscale Moves To Convert Ethereum Trust To ETF
Grayscale Investments, in collaboration with NYSE Arca, has applied to the Securities and Exchange Commission (SEC) for permission to convert the Grayscale Ethereum Trust (ETHE) to a spot ethereum exchange-traded fund (ETF).
Grayscale’s Ethereum trust is the world’s largest ether investment product, with nearly $5 billion in assets under management.
“At Grayscale, our unwavering commitment is to offer investors transparent and regulated access to crypto through product structures that are familiar,” said Grayscale CEO Michael Sonnenshein in a statement. “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.”
Following a court victory over the SEC this summer, the company is now awaiting SEC approval to convert its Grayscale Bitcoin Trust (GBTC) to an ETF.
(With inputs from Shikha Singh)
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