There is news from Grayscale Investments.
With the first Ether futures exchange-traded fund approved, the company aims to convert its Grayscale Ethereum Trust – launched in March 2019, and SEC filer since October 2020 – into a spot exchange-traded fund (ETF). The application, made by the New York Stock Exchange’s Ark, was filed with the SEC on Oct. the 2nd. With the future conversion, a spot ETF will invest in the underlying asset itself. Through its X account (formerly Twitter), the company communicated the news and expressed its gratefulness. “Our team is just getting started!” the post closed.
Grayscale Investments offers the public a direct view of the profitability of its cryptocurrency investment vehicle.
Michael Sonnenshein, CEO of Grayscale, wrote via his X account that.
“as we process the conversion of ETHE into an ETF, the natural next step in the product’s evolution, we recognize that this is an important time to bring Ethereum further into the U.S. regulatory perimeter.”
Indeed, this move would mean a more noticeable presence in cryptoasset traffic as regulatory discussions progress in the country.
At the date of this writing, the Ethereum Trust is valued at USD 4.9 billion, constituting about 2.5% of circulating ETH. Grayscale estimates that 250,000 investor accounts have exposure to the trust. Currently, the platform offers 17 cryptocurrency investment products.
Regarding this, the company also reiterated their commitment to take their cryptocurrency products through an “intended four-phase lifecycle,” the term of which is on conversion to an ETF.