Grayscale and Coinbase Want to Convert ETHE to Spot Ethereum ETF
Representatives from Grayscale and Coinbase recently met with the Securities and Exchange Commission (SEC) to discuss potential changes to rules for launching exchange-traded funds based on the second largest cryptocurrency by market capitalization.
This is a necessary step in converting the Grayscale Ethereum Trust (ETHE) into an ETF.
The trust currently has $11.65 billion in assets under management, and on March 8, its shares closed at a discount of 8.2% to net asset value (NAV).
The meeting took place on March 6 after the SEC extended its review period for applications from BlackRock and Fidelity to launch spot Ethereum-ETFs.
During the meeting, participants discussed the SEC’s concerns about potential market manipulation with a positive decision.
