Grayscale Submits Application to SEC to Transform Its Ethereum Trust into a Spot Ethereum ETF


Grayscale’s submission for a spot Ethereum (ETH) offering follows its legal triumph against the U.S. SEC in a recent lawsuit involving a spot Bitcoin ETF.

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In a recent development, Grayscale, the largest asset manager globally, has submitted an application to the U.S. Securities and Exchange Commission (SEC) seeking to transform its Ethereum Trust (ETHE) into a spot Ethereum ETF. This move comes slightly over a month after a U.S. court ruled in favor of Grayscale in the spot Bitcoin ETF lawsuit against the SEC.

Grayscale has officially submitted Form 19b-4 to the U.S. SEC in collaboration with NYSE Arca. Interestingly, this filing coincides with the launch of the very first Ethereum Futures ETF in the market. Commenting on this development, Grayscale CEO Michael Sonnenshein stated:

Michael Sonnenshein, the CEO of Grayscale, expressed, “At Grayscale, we are steadfast in our dedication to provide investors with transparent and regulated entry to the world of cryptocurrency through familiar product structures. As we initiate the process to transform ETHE into an ETF, which marks the natural progression of this product, we view this as a significant milestone in expanding the regulatory framework for Ethereum within the United States.”

Grayscale remains steadfast in its dedication to managing all of its digital asset offerings following a structured four-phase lifecycle, with the ultimate goal of transitioning them into exchange-traded funds (ETFs).

Launched in March 2019, the Ethereum Trust (ETHE) secured a public listing by May of the same year. By October 2020, it had taken the proactive step of transitioning into an SEC reporting company. Presently, ETHE holds the distinction of being the largest investment vehicle globally for Ethereum, overseeing assets valued at approximately $5 billion, which equates to 2.5% of the total circulating Ether.

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With daily trading volumes reaching millions of dollars, the product has garnered backing from more than 250,000 American investor accounts. David LaValle, the Global Head of ETFs at Grayscale, remarked:

David LaValle, Grayscale’s Global Head of ETFs, noted, “This submission marks yet another significant milestone in Grayscale’s ongoing efforts to develop its top-tier ETF team, product lineup, and capabilities, solidifying our position as a globally respected asset manager with unparalleled expertise in the cryptocurrency space. We are pleased to collaborate with NYSE Arca on this submission and anticipate productive engagement with the SEC as we proceed with the next stages.”

Can Grayscale’s Filing Potentially Trigger an Ethereum (ETH) Price Surge?

It’s important to mention that Grayscale is not the initial entity to file for a spot Ethereum ETF. In the previous month of September, Ark Invest also submitted a comparable filing with the U.S. SEC.

Earlier today, Ethereum (ETH) experienced a surge in its price, reaching levels of $1,750, fueled by the anticipation surrounding the launch of the futures ETF. Nonetheless, the price of ETH retraced partially and is presently trading at approximately $1,731. To sustain the ongoing rally in ETH’s price, it is imperative for it to breach the resistance at $1,750. The subsequent immediate targets for ETH would be at $1,800 and $2,000.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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