Michael Sonnenshein, CEO of Grayscale, made the announcement on Twitter.
The Ethereum Trust holds around 2.5% of all ETH in circulation.
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. SEC. 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.
Exposure to Crypto Assets
Michael Sonnenshein, CEO of Grayscale, made the announcement on Twitter and emphasized the company’s intention to provide traditional financial products with exposure to cryptocurrency assets.
The CEO stated:
“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.”
Mor
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