Ethereum

Solana

Spot

<ul> 
 <li>Michael Sonnenshein, CEO of Grayscale, made the announcement on Twitter.</li> 
 <li>The Ethereum Trust holds around 2.5% of all ETH in circulation.</li> 
</ul> 
With the recent green light given to the first Ether futures ETF, Grayscale Investments is trying to transform its Grayscale Ethereum Trust into a spot Ether ETF. 
On October 2, the New York Stock Exchange Arca submitted a conversion application to the U.S. <a href="https://thenewscrypto.com/sec-delays-multiple-spot-bitcoin-etf-applications-including-blackrocks/" target="_blank" rel="noopener noreferrer nofollow">SEC</a>. Previously, Grayscale’s trust had invested in Ether futures contracts to get exposure to ETH indirectly; however, a spot ETF would invest directly in ETH. 
<h3 class="wp-block-heading" id="h-exposure-to-crypto-assets">Exposure to Crypto Assets</h3> 
<a href="https://golden.com/wiki/Michael_Sonnenshein-RE6EZA4#:~:text=Michael%20Sonnenshein%20is%20the%20CEO%20of%20Grayscale%20Investments.&amp;text=References-,Michael%20Sonnenshein%20is%20the%20CEO%20of%20Grayscale%20Investments.,of%20Investopedia's%20financial%20review%20board." target="_blank" rel="noopener noreferrer nofollow">Michael Sonnenshein</a>, CEO of <a href="https://thenewscrypto.com/grayscale-resubmits-ethereum-etf-while-eth-remains-unaffected/" target="_blank" rel="noopener noreferrer nofollow">Grayscale</a>, made the announcement on Twitter and emphasized the company’s intention to provide traditional financial products with exposure to cryptocurrency assets. 
The CEO stated: 
<blockquote class="wp-block-quote"> 
 “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.” 
</blockquote> 
Moreover, Grayscale Ethereum Trust began trading in March 2019, and the business filed with the SEC by October 2020, allowing investors to see how their cryptocurrency investment vehicle is doing firsthand. Also, the Ethereum Trust holds around 2.5% of all ETH in circulation and has a market cap of $4.9 billion. According to Grayscale, the trust is exposed to 250,000 investor accounts. 
Grayscale also stated its continued dedication to the “intended four phase lifecycle” for its cryptocurrency products, which would culminate in an exchange-traded fund (ETF) conversion. There are presently seventeen distinct crypto investing options available on the platform. 
Highlighted Crypto News Today: 
<a href="https://thenewscrypto.com/solana-sol-price-skyrockets-inches-closer-to-25-key-level/" target="_blank" rel="noopener noreferrer nofollow">Solana (SOL) Price Skyrockets; Inches Closer to $25 Key Level</a>

Grayscale Files With the SEC To Transform Ether Trust Into Spot Ether ETF

Table of Contents

TheNewsCrypto

Other articles published on Oct 2, 2023

Coinbase makes major push into Singapore with MPI license

FTX auditor Prager hit with lawsuit by SEC

Kenyan Authorities Accuse Worldcoin of Espionage and Statehood Threats

Is Bitcoin about to skyrocket 1,100%? Expert analysis

Swiss bank UBS launches tokenized money market fund on Ethereum

UBS Asset Management launches pilot of tokenized fund

Join our free newsletter for daily crypto updates!