Grayscale has filed an application with the US SEC to convert its Ethereum Trust into a Spot Ethereum ETF. Grayscale CEO Michael Sonnenshein announced the move on X (formerly Twitter) and emphasized the company’s intent to provide cryptocurrency trading products. Traditional Investing offers investment in cryptocurrency assets.
“We have submitted the conversion of ETHE to an ETF, which is the next step in the evolution of the product. And we recognize that this is an important moment to better bring Ethereum into the U.S. regulatory landscape.”
Grayscale Ethereum Trust launched in March 2019 and became an SEC reporting company in October 2020, giving the public direct insight into the performance of the cryptocurrency investment vehicle.
At the time of writing, Ethereum Trust hasvalue $4.9 billion It accounts for approximately 2.5% of ETH in circulation, with Grayscale also reporting 250,000 active investor accounts.
Grayscale also stated that the company remains committed to bringing the product Its cryptocurrency undergoes an “intended 4 phase lifecycle,” which culminates with its conversion into an ETF, the platform currently says.offer17 different cryptocurrency investment products
refer : cointelegraph
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