WEB3

Spot ETH ETF Incoming? Grayscale Seeks SEC Approval to Convert Ethereum Trust

by BSC News

October 2, 2023

chain

With almost $5 billion in assets under management, the move follows Grayscale's recent court victory over the SEC.

Summary

  • Grayscale Investments has filed for approval from the SEC to convert its Grayscale Ethereum Trust (ETHE) into a spot Ethereum exchange-traded fund (ETF).

Crypto asset management firm, Grayscale Investments, is seeking to expand its investor offerings by filing for approval from the U.S. Securities and Exchange Commission (SEC) through NYSE Arca to convert its Grayscale Ethereum Trust (ETHE) into a spot Ethereum exchange-traded fund (ETF). With nearly $5 billion in assets under management, Grayscale's Ethereum trust is the largest ether investment product globally.

Grayscale's move towards an Ethereum ETF is part of its mission to provide investors with transparent and regulated access to the world of cryptocurrencies. Grayscale CEO Michael Sonnenshein emphasized the importance of this step, saying, "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."

This announcement comes on the heels of Grayscale's recent legal victory against the SEC, bolstering the company's prospects for converting its Grayscale Bitcoin Trust (GBTC) into an ETF as well.

Grayscale's Global Head of ETFs, David LaValle, highlighted the significance of this filing, saying, "We are proud to partner with NYSE Arca on this filing and look forward to engaging with the SEC on next steps."

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

Related News

;