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Grayscale Investments, the world’s largest cryptocurrency asset manager, has just made an important announcement. Cryptocurrencies have started the new week on a positive note, with the price of Bitcoin hovering above $28,000. Following the success of GBTC, Grayscale is continuing to take new steps.
Cryptocurrencies Breaking News
NYSE Arca has announced today that it has filed a Form 19b-4 with the Securities and Exchange Commission (SEC) to convert Grayscale Ethereum Trust into a spot Ethereum ETF. The application comes after SEC’s approval of the first futures-based ETF.
Grayscale CEO Michael Sonnenshein said:
“Our unwavering commitment as Grayscale is to provide investors with transparent and regulated access to crypto through familiar product structures. As we file to convert ETHE to an ETF, we recognize that this is a significant moment in bringing Ethereum closer to the US regulatory environment, which is a natural next step in the product’s evolution.”
Grayscale is striving to convert all its trusts into ETFs in a four-stage process. The GBTC case was related to this effort. The step taken for the ETH Trust, supported by the GBTC decision and the approval of futures-based ETFs, is the latest logical step taken by Grayscale.
David LaValle, Global ETF Head at Grayscale, said:
“This application is another significant milestone as Grayscale continues to build the best-in-class ETF team, product suite, and capabilities. We are proud to partner with NYSE Arca in this application and look forward to engaging with the SEC on the next steps.”
