Grayscale has filed an application to create a Derivative ETF from the existing Ether ETF called Ethereum Mini Trust.
After Bitcoin, Grayscale registers a new 'mini' Ether ETF
Grayscale has filed an amended filing with the U.S. Securities and Exchange Commission (SEC) to establish a new Ethereum ETF , called the Grayscale Ethereum Mini Trust Fund (ETH). This fund is a spin-off from the Grayscale Ethereum Trust Fund (ETHE) and supports asset distribution from the parent fund.
We believe the case for spot #Ethereum ETFs is just as strong as it was for spot #Bitcoin ETFs. Today we submit new regulatory filings that will further expand our product suite. (1/5) pic.twitter.com/AxhQx4HNqk
— Grayscale (@Grayscale) April 23, 2024
The SEC has delayed a decision on Ether spot ETF applications from Franklin Templeton, Grayscale , VanEck and BlackRock to June 2024. However, this has not caused Grayscale to slow down the push for approval of its new Ether ETF. Grayscale has filed an S3 whitepaper to convert Ethereum Trust (ETHE) into an Ether spot ETF.
Missed this one earlier.
— James Seyffart (@JSeyff) April 23, 2024
4. @grayscale filed for an Ethereum Mini Trust. https://t.co/IjJVomUoZX pic.twitter.com/uH15LzuA3z
The S-3 prospectus allows ETF issuers to register additional securities or create new ETF products without having to provide as many details as required in the S-1 registration statement. initial.
According to the filing, the Grayscale Ethereum Mini Trust will be traded under the ticker ETH.
Mr. Craig Salm, Chief Legal Officer of Grayscale, stated that if approved by the SEC, the new Grayscale Ethereum mini fund will be launched as an Ether spot ETF with low trading fees.
Accordingly, a portion of the mini fund's shares will be distributed to ETHE investors in a certain ratio without incurring taxes. The overall position of Grayscale Ethereum Trust investors holding in the two funds will remain the same.
This move marks an important step towards ETHE being listed on NYSE Arca. Grayscale remains confident in the importance of the Ether spot ETF, much like the Bitcoin spot ETF, to investors.
A company representative Chia on Today, we filed a new regulatory filing that further expands our product suite.”
Recently, Grayscale also announced the Bitcoin Mini Trust ETF , a mini version of GBTC with an extremely attractive fee, only 0.15%. The Mini Trust fund's 0.15% management fee marks the lowest in the industry, not including each fund's fee waiver and other perks, and is 10 times lower than the parent fund's transaction fee.
BlackRock also did not give up its fight when on April 23, the group also filed amendments to its 19b-4 ETH ETF application. ETF analyst from Bitcoin Intelligence James Seyffart Chia that the amendment to speed up the approval process is very low, reducing the odds of approval occurring on May 23 from about 70% to 25%.
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