Photo by Dennis Diertel
Grayscale Investments on Tuesday took another important step in its efforts to upgrade its Ethereum (ETH-USD) Trust to a Spot Ethereum Exchange Traded Fund, while also announcing plans to launch a lower-fee alternative fund.
World’s largest crypto asset manager files S-3 application Requested the U.S. Securities and Exchange Commission (SEC) to list shares of Grayscale Ethereum Trust under the ticker symbol “ETHE.”
“Earlier this year, NYSE Arca filed a Form 19b-4 for the Grayscale Ethereum Trust, setting the stage for a new phase in ETHE’s product lifecycle. “We're proud to be working to bring crypto assets further to the top of the world's regulatory boundaries in the US,” Grayscale said on X (formerly Twitter).
“Importantly, current shareholders of the Grayscale Ethereum Trust do not need to do anything,” the crypto asset manager added.
Grayscale also filed an application to register shares of a new Spot Ethereum (ETH-USD) exchange-traded fund (ETF) called the “Grayscale Ethereum Mini Trust” under the proposed ticker “ETH.” announced that it had filed a document with the SEC.
The new trust will be created through a spin-off and distribution from the Grayscale Ethereum Trust.
“The approval of the Grayscale Ethereum Mini Trust will benefit existing ETHE shareholders who stand to maintain the same exposure to Ethereum (ETH-USD) with the added benefit of lower average fees for both products. We believe this is a net positive for the company,” said Grayscale's Craig Sahm. Chief Legal Officer said in a statement.
“We know that investors are not monolithic. Investors have different needs based on their specific investment strategies. That is why Grayscale has announced the registration of the Grayscale Ethereum Mini Trust. We have filed a statement with the SEC,” Salm said.
“Subject to necessary regulatory approvals, this will be launched as a lower-fee alternative Spot Ethereum ETF, making Ethereum ETF investing ideal for “buy-and-hold” investment strategies in brokerage and retirement accounts. Designed for investors who want to become ” Salm added.
