The application to convert the Grayscale Ethereum Trust (ETHE) into a spot exchange-traded fund (ETF) has been submitted by Grayscale Investments and NYSE Arca to the U.S. Securities and Exchange Commission (SEC).
With approximately $5 billion in assets under management, Grayscale’s Ethereum trust is the largest ether investment product ever created.
Michael Sonnenshein, CEO of Grayscale, stated in a statement, “At Grayscale, our unchanging focus is to offer investors transparent and regulated access to crypto through product structures that are recognisable. As we submit our application to convert ETHE to an ETF, the logical next step in the development of the product, we acknowledge that this is a crucial time to further integrate Ethereum into the U.S. regulatory framework.
Following a court victory over the SEC this past summer, the company is also seeking the agency’s clearance to convert its Grayscale Bitcoin Trust (GBTC) to an ETF.