Grayscale Files to Convert $5 Billion Ethereum Trust to Spot ETF

Grayscale, the world’s largest crypto asset manager, is seeking approval from the Securities and Exchange Commission (SEC) to convert its Grayscale Ethereum Trust (ETHE) into an Ethereum spot ETF in partnership with NYSE Arca, according to a statement press release on Monday.

ETHE, launched in March 2019, is the leading Ether investment vehicle globally, with a staggering nearly $5 billion in assets under management. As of now, it represents 2.5% of the altcoin’s total circulating supply.

The trust became an SEC reporting company in October 2020, increasing its transparency.

Michael Sonnenshein, CEO of Grayscale, emphasized that the conversion will allow Grayscale to offer a product structure familiar to US investors.

Grayscale’s victory in court

In August, Grayscale won a major legal victory against the Securities and Exchange Commission (SEC) after a federal appeals court ruled that the SEC was wrong to reject Grayscale’s request to convert its Bitcoin trust into an ETF.

The ruling is expected to put more pressure on SEC Chairman Gary Gensler to approve a Bitcoin ETF. The big win likely encouraged Grayscale to make the same move with Ethereum. The approval of a cryptocurrency spot ETF would mark a fundamental development for both investors and the cryptocurrency sector as a whole.

Ether ETF Race

As U.Today reported, Invesco and Galaxy Digital recently entered the Ethereum spot ETF field despite looming uncertainties regarding government and SEC delays. They added their apps to a growing list of other asset management entities like VanEck and Ark Invest.

Last month, Grayscale also expressed its intention to launch a futures-based Ether ETF. Grayscale won’t have to own the actual cryptocurrency, but will invest in contracts that track its price, making it a simpler and more regulated way for people to invest in cryptocurrencies. This move is part of Grayscale’s broader plan to offer more regulated investment options.

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