Grayscale Moves to Convert Ethereum Trust to Spot ETF Amid Surge in ETH Futures ETF Launches

Grayscale Investments, the most important digital asset fund supervisor by property below administration (AUM), has filed to transform its Ethereum Trust right into a spot ether exchange-traded fund (ETF). The information follows ether futures ETFs from Vaneck, Bitwise, and Proshares launching on Monday.

Grayscale’s Ethereum Trust on Path to Become Spot Ether ETF

On October 2, 2023, Grayscale introduced it has submitted a Form 19b-4 to the U.S. Securities and Exchange Commission (SEC) to transform its Ethereum Trust right into a bodily backed ETF on NYSE Arca.

“As we file to convert ETHE to an ETF, the natural next step in the product’s evolution, we recognize this as an important moment to bring Ethereum even further into the U.S. regulatory perimeter,” Grayscale CEO Michael Sonnenshein mentioned.

The firm’s press launch mentioned the Form 19b-4 submitting coincides with the futures ETFs from Vaneck, Proshares, and Bitwise that started buying and selling Monday. Grayscale can also be working to transform its Bitcoin Trust right into a bodily backed ETF however faces a authorized problem with the SEC over its approval. Launched in March 2019, the Ethereum Trust now has an AUM of $4.96 billion, Grayscale’s net portal exhibits.

Grayscale additionally plans to launch an ethereum futures ETF based mostly on cash-settled CME futures contracts with regulatory approval. David LaValle, Grayscale’s international head of ETFs, mentioned Monday that the submitting “is another important milestone as Grayscale continues to build its best-in-class ETF team, product suite, and capabilities – serving investors as a globally respected asset manager with unmatched crypto expertise.”

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