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Grayscale Investments on Tuesday took another key step in its effort to uplist its ethereum (ETH-USD) trust into a spot ethereum exchange-traded fund, while also announcing plans to launch a lower-fee alternative.
The world’s largest crypto asset manager filed a S-3 filing with the U.S. Securities and Exchange Commission (SEC) to list shares of Grayscale Ethereum Trust under the ticker symbol “ETHE.”
“Earlier this year, NYSE Arca filed Form 19b-4 for Grayscale Ethereum Trust, setting the groundwork for a new stage in ETHE’s product lifecycle. We’re proud to be working to bring the 2nd largest crypto asset by market cap even further into the U.S. regulatory perimeter,” Grayscale said on X (formerly Twitter).
“Importantly, no action is required of current shareholders of Grayscale Ethereum Trust,” the crypto asset manager added.
Grayscale also said it had submitted filings with the SEC to register shares of a new spot ethereum (ETH-USD) exchange-traded fund (ETF) called “Grayscale Ethereum Mini Trust” under the proposed ticker “ETH.”
The new trust would be created through a spin-off and distribution from Grayscale Ethereum Trust.
“We believe approval of Grayscale Ethereum Mini Trust would be a net positive for existing ETHE shareholders who stand to maintain the same exposure to Ethereum (ETH-USD) with the added benefit of a lower fee averaged across both products,” Craig Salm, Grayscale’s chief legal officer, said in a statement.
“We know that investors are not a monolith – investors have different needs based on their specific investing strategies. That’s why Grayscale has submitted a registration statement for Grayscale Ethereum Mini Trust with the SEC,” Salm said.
“Subject to required regulatory approvals, it would launch as a lower-fee alternative spot Ethereum ETF and is designed for investors interested in optimizing their Ethereum ETF investment for a ‘buy and hold’ investment strategy in their brokerage or retirement account, for example,” Salm added.