Grayscale Investments is the latest investment product issuer to update its registration for the proposed Ethereum (ETH) fund, adding a description of how Ethereum will be managed and how much Ethereum the fund holds.
Grayscale filed its amended S-3 on Thursday, shortly after BlackRock filed its amended S-1 and one week after the U.S. Securities and Exchange Commission (SEC) approved the forms 19b-4 for eight Ethereum exchange-traded funds.
The Cryptoasset manager added a new description in its updated filing about the amount of Ethereum needed to create a stock pool.
"As of May 28, 2024, the amount of Ethereum needed to create a 100-share pool is approximately 0.94552590 ETH , and the amount of Ethereum needed to create a 10,000-share pool after applying the revised Fund Agreement will be 94.552590 ETH ,” according to the latest filing.
More amended registrations are expected to be filed as the SEC asks issuers to submit their drafts by Friday. Trading of the ETFs will not take place until the registrations become effective.
Grayscale converted its Ethereum Trust to an Ether ETF Spot last October. The Grayscale Ethereum Fund was launched in March 2019 and is the world's largest ETH Investment Vehicles , according to company filings. Grayscale noted that as of March 31, the fund held approximately 2.5% of Ethereum in circulation.
Since the Ethereum Spot ETFs were approved last week, some in the cryptocurrency industry have wondered whether Ethereum will still be considered a security and fall under the jurisdiction of the SEC. Some, including Coinbase Chief Legal Officer Paul Grewal, argue that Ethereum is no longer a security.
Grayscale addressed Ethereum governance in its latest filing.
“Other US and state agencies, such as the SEC, have not issued formal statements or issued guidance or rules on how to regulate Ether, although the SEC, acting through authorization approved exchange rule filings to list shares of funds holding Ethereum as commodity-based trading products, implicitly treating Ether as a commodity,” Grayscale said.
VIC Crypto compiled
Related news:
It is likely that the Ethereum ETF will launch in June as BlackRock recently filed Form S-1
TRUMP Token recovered after a sharp decline due to Donald Trump's guilty verdict
Argentina wants to learn from El Salvador's experience in adopting Bitcoin
BlackRock surpasses Grayscale to become the world's largest Bitcoin ETF
Biden's election campaign suddenly took a "turn around" tone towards the cryptocurrency industry
