Grayscale Investment is set to convert its Grayscale Ethereum Trust to a spot Ethereum spot ETF, following the clearance of the first Ethereum ETH futures exchange-traded fund (ETF). The New York Stock Exchange Arca filed for the conversion with the United States Securities and Exchange Commission (SEC) on Oct. 2. The existing Trust invested in Ethereum futures contracts as an indirect means of exposure to ETH, while a spot ETF will invest in the underlying asset itself. Grayscale CEO Michael Sonnenshein announced the move on X and highlighted the investment managers intent to provide conventional investment products offering exposure to cryptocurrency assets. He stated that the conversion of ETHE to an ETF is an important moment to bring Ethereum even further into the U.S. regulatory perimeter. The Grayscale Ethereum Trust was launched in March 2019 and went onto become an SEC reporting company in Oct. 2020, giving the public direct insight into the performance of its cryptocurrency investment vehicle. At the time of writing, the Ethereum Trust was valued at $4.9 billion, and accounts for around 2.5% of circulating ETH.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	positive
Relevance Score	8
People	Michael Sonnenshein
Companies	X (previously Twitter), Grayscale Investment, New York Stock Exchange Arca, Grayscale Ethereum Trust, United States Securities and Exchange Commission (SEC)
Currencies	Ethereum, Bitcoin, US Dollar
Securities	None