The Grayscale Ethereum Trust, launched in 2019, is currently the world's largest Ethereum (ETH) investment vehicle, managing nearly $5 billion in assets, equivalent to 2.5% of all circulating ETH. In October 2020, it voluntarily became an SEC reporting company. Last month, Grayscale applied for a new ETH futures ETF under the Securities Act of 1933, similar to how bitcoin ETFs are registered. Additionally, Grayscale previously filed for an ether futures ETF under the Investment Company Act of 1940. This dual filing approach aligns with the SEC's prior approval of bitcoin futures ETFs under both acts.
In October 2021, Grayscale initiated the process to convert its Grayscale Bitcoin Trust (GBTC) into a spot bitcoin ETF. The company recently achieved a legal victory against the SEC regarding this conversion, and it now awaits the SEC's approval for this change. JPMorgan predicts that the SEC may have no choice but to approve several spot bitcoin ETF applications following Grayscale's successful legal battle.
Grayscale has reaffirmed its commitment to converting all of its trust products into ETFs, indicating a strong focus on offering exchange-traded products to investors in the cryptocurrency space. This move reflects the growing interest in digital assets and the desire for more accessible investment options.