Following approval of the first Ether (ETH) futures exchange-traded fund (ETF), Grayscale Investments plans to convert the Grayscale Ethereum Trust into a spot Ether exchange-traded fund.
New York Stock Exchange Arca filed for conversion with the United States Securities and Exchange Commission (SEC) on October 2. Grayscale's current security has invested in Ether futures contracts as a vehicle to provide indirect exposure to ETH, but the spot ETF will invest in the underlying asset.
Grayscale CEO Michael Sonnenshein announced the move on "We value the moment as a step to further integrate Ethereum into the US regulatory environment."
Grayscale Ethereum Trust was launched in March 2019 and became an SEC reporting company in October 2020, providing the public with direct insight into the cryptocurrency investment vehicle's performance.
At the time of writing, the Ethereum Trust is valued at $4.9 billion and accounts for approximately 2.5% of ETH in circulation. Grayscale also reports that 250,000 investor accounts were compromised.
Grayscale also stated that it remains committed to transitioning its cryptocurrency products to an ETF with a "planned four-stage lifecycle." The platform currently offers 17 different cryptocurrency investment products.
New York Stock Exchange Arca filed for conversion with the United States Securities and Exchange Commission (SEC) on October 2. Grayscale's current security has invested in Ether futures contracts as a vehicle to provide indirect exposure to ETH, but the spot ETF will invest in the underlying asset.
Grayscale CEO Michael Sonnenshein announced the move on "We value the moment as a step to further integrate Ethereum into the US regulatory environment."
Grayscale Ethereum Trust was launched in March 2019 and became an SEC reporting company in October 2020, providing the public with direct insight into the cryptocurrency investment vehicle's performance.
At the time of writing, the Ethereum Trust is valued at $4.9 billion and accounts for approximately 2.5% of ETH in circulation. Grayscale also reports that 250,000 investor accounts were compromised.
Grayscale also stated that it remains committed to transitioning its cryptocurrency products to an ETF with a "planned four-stage lifecycle." The platform currently offers 17 different cryptocurrency investment products.