Ethereum

Spot

Billion

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<p>Grayscale, the world's largest crypto asset manager, is seeking approval from the Securities and Exchange Commission (SEC) to convert its Grayscale Ethereum Trust (ETHE) into a spot Ethereum ETF in partnership with NYSE Arca, according to a Monday <a href="https://www.globenewswire.com/en/news-release/2023/10/02/2752751/0/en/NYSE-Arca-Files-Form-19b-4-to-Convert-Grayscale-Ethereum-Trust-to-an-ETF.html">press release</a>.&nbsp;</p>
<p>ETHE, launched in March 2019, is the top Ether investment vehicle globally, which boasts a staggering nearly $5 billion in assets under management. As of now, it accounts for 2.5% of the altcoin's total circulating supply.&nbsp;</p>
<p>The trust became an SEC reporting company in October 2020, boosting its transparency. &nbsp;</p>
<p><a href="https://u.today/grayscale-ceo-sec-likely-to-approve-ethereum-etf-after-greenlighting-first-bitcoin-futures-etf">Michael Sonnenshein</a>, Grayscale CEO, emphasized that the conversion will allow Grayscale to offer a product structure that is familiar to U.S. investors.</p>
<h2 id="grayscale-s-court-win">Grayscale's court win</h2>
<p>In August, Grayscale <a href="https://u.today/breaking-bitcoin-price-surges-as-grayscale-emerges-victorious-against-sec-in-etf-case">secured</a> a significant legal victory against the Securities and Exchange Commission (SEC) after a federal appeals court ruled that the SEC was incorrect in rejecting Grayscale's application to covert its Bitcoin trust into an ETF.</p>
<p>The ruling is expected to put more pressure on SEC Chair <a href="https://u.today/ripples-top-lawyer-raises-concerns-over-genslers-crypto-testimony">Gary Gensler</a> to approve a Bitcoin ETF. The big win likely encouraged Grayscale to make the same move with Ethereum. The approval of a spot crypto ETF would mark a pivotal development for both investors and the wider cryptocurrency sector.</p>
<h2 id="ether-etf-race">Ether ETF race</h2>
<p>As reported by U.Today, Invesco and Galaxy Digital recently entered the Ethereum spot ETF arena despite looming uncertainties regarding governmental and SEC delays. They added their applications to <a href="https://u.today/ethereum-etf-heres-why-next-week-might-be-crucial">a growing list </a>of other asset management entities like VanEck and Ark Invest.</p>
<p>Last month, Grayscale also expressed its intent to launch a futures-based Ether ETF. Grayscale will not have to hold the actual cryptocurrency but will invest in contracts that track its price, making it a simpler and more regulated way for people to get into crypto investing. This move is part of Grayscale's larger plan to offer more regulated investment options.</p>

Grayscale Files to Convert $5 Billion Ethereum Trust into Spot ETF

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