With optimism about Ethereum Spot Exchange-Traded Funds (ETFs) decreasing, Grayscale Investments, the global leader in digital asset management, has taken a significant step forward by filing an S-3 Registration Statement for its Ethereum Trust. This development marks progress in Grayscale’s offerings related to Ether investment.
Grayscale Ethereum Trust Sets Stage For Growth
Eleanor Terrett, a well-known reporter for Fox Business, announced that the company has applied to the U.S. Securities and Exchange Commission (SEC) by filing an S-3 registration statement, with the intention of transforming its Ethereum Trust into a regular Ethereum exchange-traded fund (ETF).
Based on Terrett’s information, Grayscale’s Ethereum Trust product has already been registered with the SEC, so it isn’t required to submit an S-1 form like other ETH ETF hopefuls or applicants including Van Eck, Blackrock, Ark Invest, Hashdex, and Invesco Galaxy.
Grayscale has recently handed in all required documents for regulatory approval of its Ethereum ETF. The public hasn’t gained access to this submission yet, but the regulatory body is currently reviewing it and will eventually make a decision.
Terret additionally shared that the asset company has submitted an application for an S-1 Ethereum mini-ETF with the ticker symbol ETH, analogous to its Bitcoin mini-ETF which uses the ticker BTC. In March, the fund manager sought SEC authorization to separate a portion of GBTC shares to introduce the upcoming mini-BITC ETF.
Grayscale attempted to stop the continuous drain of assets from its GBTC product following the US approval of Bitcoin ETFs. Yet, the smaller Bitcoin ETF alternative is still waiting for regulatory approval.
ETF Shares To Be Listed On NYSE Arca
Notable is the action taken by the company, which involved filing an S-3 form with the Securities and Exchange Commission (SEC) under the Securities Act of 1933. This step was initiated following NYSE Arca’s submission of a Form 19b-4 for the Grayscale Ethereum Trust.
With NYSE Arca’s application for listing Grayscale’s ETH ETF being approved and form S-3 effective, Grayscale intends to list this ETF on NYSE Arca using the ticker symbol “ETHE.” Shares will be issued continuously during this process. However, these shares will only be accessible through a prospectus.
Before becoming active in the market, SEC-registered shares haven’t started operating. During this pre-effect period, it is prohibited to accept or process share transactions or purchase bids. Any attempt to sell such shares will be considered illegal.
Through filing an S-3 registration statement, Grayscale aims to enhance regulatory conformity and transparency for its ETH Trust. This action will offer potential investors greater confidence and understanding as they navigate the complexities of investing in cryptocurrencies.
Grayscale’s decision to introduce Ethereum exposure reflects their initiative to meet the increasing interest from both institutional and individual investors, further solidifying their position as a pioneer within the digital asset industry.
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2024-04-24 17:41