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Grayscale Seeks SEC Approval to Convert Ethereum Trust into Spot ETF
Grayscale Investments, one of the world’s largest asset management companies, has submitted a formal request to the US Securities and Exchange Commission (SEC) for approval to convert the Grayscale Ethereum Trust (ETHE) into a spot Ethereum Exchange-traded fund (ETF). According to an official press release on Monday, the Form 19b-4 application was filed by the New York Exchange (NYSE) Arca on October 2, following the approval of the first Ether ETF.
The Grayscale’s Ethereum Trust officially debuted in March 2019 and has since grown to become a prominent player in the crypto investment space. In May 2019, the fund received a public quotation and currently accounts for approximately 2.5% of the total circulating supply of Ethereum.
Grayscale to Offer Familiar Products to Customers
As the world’s largest Ethereum-based investment product, Grayscale’s Ethereum Trust manages assets of nearly $5 billion.
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