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News - Grayscale files application for Ethereum spot ETF
Experts say several Ethereum futures ETFs are about to be approved. Now Grayscale is following suit with a spot application.
Grayscale, in partnership with the New York Stock Exchange Arca, today filed an application with the SEC for approval of an Ethereum spot ETF. With this, the company intends to convert its existing ETH trust into an ETF. Grayscale's Ethereum Trust (ETHE) is the largest Ether investment product in the world, with nearly US$5 billion in assets under management. This represents about 2.5 percent of all Ether in circulation.
🚨 @Grayscale has filed to convert Grayscale Ethereum Trust to a spot ETF. $ETHE
— Sonnenshein (@Sonnenshein) October 2, 2023
Thank you for your continued support -- our team is just getting started! https://t.co/3nNtfe4Nns
Michael Sonnenshein, CEO of Grayscale, called the application a "natural next step in product development" and an important moment "To bring Ethereum even further into the U.S. regulatory space".
There is currently growing suspicion that the SEC will approve some futures ETFs in the near future. This could pave the way for a spot product. In September, Ark Invest, Cathie Woods' investment firm, also filed an application with the SEC for a spot ETF on Ethereum. If approved, it would be the first of its kind in the U.S.
Read more about Grayscale and its effect on the crypto-space.
