Grayscale Investments, a major crypto asset manager, is working with NYSE Arca for an SEC permission to change its Grayscale Ethereum Trust (ETHE) into an Ethereum ETF.
ETHE is the world’s largest Ethereum investment product, managing almost $5 billion in assets. The move comes after the SEC approved the first Ethereum futures ETFs.
Grayscale CEO Michael Sonnenshein said the company commits to providing investors with transparent and regulated access to cryptocurrency through familiar product structures. The conversion of ETHE into an ETF marks a significant moment in bringing Ethereum further within the U.S. regulatory framework.
“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,” said Sonnenshein.
Grayscale’s ETHE currently represents 2.5% of all Ethereum in circulation and is actively traded with millions of dollars in daily volume, attracting the attention of more than a quarter of a million American investors.
In addition to this Ethereum Trust conversion, Grayscale is awaiting SEC approval to transform its Grayscale Bitcoin Trust (GBTC) into an ETF following a legal victory over the SEC earlier this year.
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