In a recent tweet, Grayscale Investments has announced that it intends to convert the Ethereum Trust Fund to a Spot Ethereum ETF and for this Grayscale has filed form 19b-4 with the Securities and Exchange Commission.
Grayscale Investments is the world's largest crypto asset manager and the decision to file for a spot Ethereum ETF has come as a follow up to its recent win against the SEC. The court has ordered the SEC to reconsider Grayscale's Spot Bitcoin ETF last month. Now what we can assume that this Eathereum ETF filing is an aggressive and escalated move.
This move shall definitely put pressure on Gensler, the chairman of the SEC, to take swifter decisions on all spot ETF applications. With Blackrock and Fidelity Investments are also in the queue, this decision to file for ETH ETF can get other major asset managers to file for the same.
“At Grayscale, our unwavering commitment is to offer investors transparent and regulated access to crypto through product structures that are familiar. 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.” Grayscale CEO Michael Sonnenshein on the recent filing for Spot Ethereum ETF.
Grayscale has the world's largest Ethereum based investment product in the form of its Ethereum Trust listed as ETHE on NYSE. The value of ETHE is about 2.5% the whole circulation of Ether.
From its initial days Grayscale has always remain commited to converting its crypto products into ETFs. So the company has turned into a SEC reporting company in 2020.
Now the question that is the most relevant for all of us. Will Ethereum rally on this news?
The answer is a straight No and considering the ever lethargic attitude of Gensler and SEC towards Bitcoin ETF applications, we can conclude that it will take long until we see any further developments on Grayscale's application for a Spot Ethereum ETF.
More to Follow..Stay tuned..🤗
As Always Thanks For Reading.
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