Grayscale receives acknowledgment of receipt from the SEC

In addition to Bitcoin, Grayscale also wants to convert its Ethereum Trust into a spot ETF. The SEC has now confirmed receipt of the corresponding application.

Earlier this month, Grayscale submitted an application with the Securities and Exchange Commission (SEC) to convert its Ethereum trust into a spot ETF.

As now in a document has been disclosed, the U.S. Securities and Exchange Commission has apparently acknowledged receipt of the application. Market observers are also reporting confirmation of receipt.

Grayscale's Ethereum Trust currently holds nearly $5 billion - just under 2.5 percent of all ETH in circulation.

However, SEC approval is still pending.

Nevertheless, the news has caused the Ethereum price to jump. In the past 24 hours, the cryptocurrency has risen nearly 7 percent and stands at $1,815 at the time of writing.

In addition to Ethereum, Grayscale also wants to convert its Bitcoin Trust into an ETF. Here won the asset manager an uphill legal battle with U.S. authorities. According to Reuters, the SEC no longer wants to block the conversion.