Largest Digital Asset Fund Manager Grayscale Pursues Spot Ether ETF Conversion
Grayscale Investments, the largest digital asset fund manager by assets under management (AUM), has taken a significant step towards converting its Ethereum Trust into a spot ether exchange-traded fund (ETF).
On October 2, 2023, Grayscale submitted a Form 19b-4 to the U.S. Securities and Exchange Commission (SEC) with the aim of establishing a physically backed ETF on NYSE Arca. Grayscale’s CEO, Michael Sonnenshein, noted that this move marks an important moment to bring Ethereum further into the U.S. regulatory framework. This development coincides with the launch of Ethereum futures ETFs by Vaneck, Proshares, and Bitwise.
Grayscale is also pursuing the conversion of its Bitcoin Trust into a physically backed ETF, although it faces a legal challenge with the SEC over its approval. Launched in March 2019, Grayscale’s Ethereum Trust currently boasts an AUM of $4.96 billion. Additionally, Grayscale has plans to introduce an Ethereum futures ETF based on cash-settled CME futures contracts, pending regulatory approval, as it continues to expand its ETF offerings and crypto expertise.
Clever Robot News Desk 3rd October 2023
Related Article
