Grayscale Moves to Convert Its Ethereum Trust to a Spot ETH ETF

The company's Ethereum trust is the largest ether investment product in the world with nearly $5 billion in AUM.

AccessTimeIconOct 2, 2023 at 12:30 p.m. UTC
Updated Oct 2, 2023 at 3:07 p.m. UTC

Grayscale Investments in conjunction with NYSE Arca has filed for approval from the U.S. Securities and Exchange Commission (SEC) to convert the Grayscale Ethereum Trust (ETHE) to a spot ethereum exchange-traded fund (ETF).

Grayscale’s Ethereum trust is the largest ether investment product in the world, with almost $5 billion in assets under management.

“At Grayscale, our unwavering commitment is to offer investors transparent and regulated access to crypto through product structures that are familiar,” said Grayscale CEO Michael Sonnenshein in a statement. “As we file to convert ETHE to an ETF, the natural next step in the product’s evolution, we recognize this as an important moment to bring Ethereum even further into the U.S. regulatory perimeter.”

The company – after a court victory over the SEC this past summer – is also awaiting approval from that agency to convert its Grayscale Bitcoin Trust (GBTC) to an ETF.

A number of other asset managers have filed for approval of a spot ether ETF, with Invesco/Galaxy Digital last week being the latest to do so.

Grayscale is owned by CoinDesk’s parent company, Digital Currency Group.

Edited by Stephen Alpher.


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Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.