Individual investors will soon be able to invest in Grayscale Ethereum Trust, billed as "the first U.S. publicly quoted security solely invested in and deriving value from the price of ethereum."
The Financial Industry Regulatory Authority (FINRA), Wall Street's self-regulatory organization (SRO), has approved public quotation of shares in the trust, Grayscale Investments announced Thursday.
"All kinds of investors will be able to gain exposure to the price movement of ethereum without the challenges of buying, storing, and safekeeping ethereum," wrote Marissa Arnold, a spokesperson for Grayscale, in an email to CoinDesk.
The trust managed about $7.5 million worth of the world's second-largest cryptocurrency by market cap as of April 30, according to Grayscale's website.
The security will trade over the counter (OTC) under the symbol ETHE. Entry-level investors will be able to own and trade an instrument tied to ethereum alongside their shares of Apple and IBM. The trust, created in December 2017, previously was open only to accredited investors and required a minimum $25,000 investment.
Grayscale has not yet determined exactly when the security will be available for trading (it estimated this will take about two weeks), but the FINRA approval is an important step in the process.
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