Grayscale Investments plans to convert its Ethereum Trust ETF. The move is in line with the growing number of ETH related fund applications.
The announcement came from NYSE Arca on Monday, which is the exchange where the new fund would be listed. Grayscale Ethereum Trust’s (ETHE) shares are currently listed on OTC Markets Group with the ticker ETHE.
ETHE manages assets worth about $5 billion. Friday, YCharts.com reported that the shares of ETHE were trading for a 30% discount from its net asset value.
“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 US regulatory perimeter,” Grayscale’s CEO Michael Sonnenshein made the following statement.
Grayscale has filed a lawsuit following its court victory against the Securities Exchange Commission regarding its conversion of Bitcoin Trust (GBTC), its Bitcoin ETF.
Judges ruled in that case that the SEC’s denial of that application — but its allowance of bitcoin futures ETFs — was “arbitrary and capricious.”
The decision does not force the SEC’s approval of GBTC as an ETF but it stops the regulators from denying a similar application using the same grounds they previously used.
An influx of firms, including Ark Invest 21Shares VanEck and others filed documents last month in order to introduce spot ether as a result.
The NYSE Arca filing also comes as various fund groups — including VanEck, ProShares and Bitwise — said Monday they were set to launch the first ETFs investing in ether futures contracts.
“This filing is another important milestone as Grayscale continues to build its best-in-class ETF team, product suite, and capabilities — serving investors as a globally respected asset manager with unmatched crypto expertise,” Grayscale ETF’s David LaValle made a public statement.
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