Grayscale's application to convert its Ethereum Trust into an SEC-registered ETF receives recognition from the SEC.
Currently, the $4.8 billion ETHE trust is traded over-the-counter as a private trust. As of 2 October, NYSE Arca submitted the application to list the proposed ETF. This move follows the SEC’s approval ofHowever, the SEC has not yet approved any spot crypto ETFs holding digital assets directly.This application marks a significant development for Grayscale Investments, which aims to convert its ETHE trust into an SEC-registered ETF.
Although the SEC has begun the formal review process for Grayscale’s Ethereum ETF application, the final decision is expected to be several months away. The outcome of this decision could play a pivotal role in determining the future direction of digital asset investments, potentially bringing them further into the investment mainstream.The SEC’s recognition of Grayscale’s application signifies a noteworthy step in the evolution of digital asset investment products. Converting existing trusts into SEC-registered ETFs is a significant way of expanding digital asset investment opportunities.
This move by Grayscale could lead to Ethereum gaining greater recognition and acceptance as an investment asset, potentially drawing more interest from institutional and retail investors alike. This positive news is likely to trigger a significant rally in Ethereum’s price. Ethereum was trading at $1810.90 at press time,Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.
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