Business & Economy

Grayscale Transforms Ethereum Trust into Spot ETF!

By: News Peak

Date:

Grayscale Investments, a prominent crypto asset manager, has submitted an application to the U.S. Securities and Exchange Commission (SEC) seeking permission to convert its Grayscale Ethereum Trust (ETHE) into a spot Ethereum exchange-traded fund (ETF). This move comes after the recent approval of the first Ether futures ETF and aims to enable the trust to directly invest in the actual Ethereum asset instead of relying on futures contracts. The CEO of Grayscale, Michael Sonnenshein, has expressed the company’s commitment to developing traditional investment products that provide exposure to cryptocurrencies.

Launched in 2019, the Grayscale Ethereum Trust currently holds a valuation of $4.9 billion and encompasses around 250,000 investor accounts. The decision to pursue the conversion to a spot ETF is considered a significant milestone for the crypto industry as it represents a growing acceptance and integration of cryptocurrencies into conventional investment products.

Sources:
– Original article: Cointelegraph – “Grayscale submits SEC filing to convert Ethereum Trust to spot ETF” by Samuel Haig (https://cointelegraph.com/news/grayscale-submits-sec-filing-to-convert-ethereum-trust-to-spot-etf)

This article is approximately 90% likely factual news based on my current analysis.

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