Grayscale aims to get the green light from the SEC for its plan to transition the Ethereum Trust into a spot ETF.
In Brief
Grayscale is actively seeking the SEC's approval to transition its Ethereum Trust into an ETF, following the SEC's recent endorsement of Ethereum futures ETFs.
ETHE stands out as the largest investment product for Ethereum globally, boasting nearly $5 billion in assets under management.
Grayscale A significant player in the crypto asset management sector, Investments is collaborating with NYSE Arca for an SEC permission to change its Grayscale Ethereum Trust (ETHE) to shift into an Ethereum ETF format.
ETHE is the top investment vehicle for Ethereum worldwide, currently overseeing almost $5 billion in assets. This initiative follows the SEC's green light for the initial Ethereum futures ETFs.
Michael Sonnenshein, the CEO of Grayscale, emphasized the company's commitment to offering transparent and compliant access to cryptocurrencies for investors through familiar structures. The proposed conversion of ETHE into an ETF represents a pivotal step toward solidifying Ethereum's position within the U.S. regulatory framework.
"While we apply to change ETHE into an ETF, which is a natural progression for the product, we view this moment as crucial for integrating Ethereum further into the U.S. regulatory landscape,\" noted Sonnenshein.
Currently, Grayscale’s ETHE accounts for 2.5% of all Ethereum available on the market, with substantial trading activity reflecting millions in daily volume, thereby capturing the interest of over 250,000 American investors.
Alongside the transition of its Ethereum Trust, Grayscale is also pursuing SEC approval to remodel its Grayscale Bitcoin Trust (GBTC) into an ETF, buoyed by a recent legal win against the SEC. awaiting Top Crypto Fund Managers of 2023: Pros and Cons Rankings, Featuring the Best in the Business.
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