One of the world’s largest crypto asset managers, Grayscale, has applied with the Securities and Exchange Commission (SEC) for the Ethereum (ETH) spot Exchange Traded Fund (ETF).
Lately, the fund managers are pushing hard to list spot ETFs for Bitcoin and Ethereum. Meanwhile, the community eagerly waits to hear if the SEC will approve these filings.
Grayscale Wants to Convert The Largest Ethereum Investment Vehicle to an ETF
Notably, the Grayscale Ethereum Trust is the largest ETH investment vehicle in the world. As per the reports, it comprises 2.5% of the total ETH in the circulation. In fiat terms, it makes up nearly $5 billion.
The Grayscale CEO Michael Sonnenshein believes it is the next step to bring Ethereum closer to the US regulatory perimeter.
On Friday, the ETHE was trading at a 30.90% discount to the Net Asset Value (NAV). But with NYSE Arca’s filing, the community expects the discount to shrink. A community member wrote:
“At market close on Friday ETHE was still trading at a 30% discount to NAV, and GBTC around 20%. That gap should shrink today.”
Not to mention, the discount to NAV value is near to its 1-year-lows.
Top crypto platforms in the US | November 2023
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.