{"id":361844,"date":"2023-10-02T18:00:30","date_gmt":"2023-10-02T17:00:30","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=361844"},"modified":"2023-10-02T18:01:06","modified_gmt":"2023-10-02T17:01:06","slug":"grayscale-looks-to-convert-discounted-5b-ethereum-trust-to-spot-etf","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/grayscale-looks-to-convert-discounted-5b-ethereum-trust-to-spot-etf\/","title":{"rendered":"Grayscale looks to convert discounted $5B Ethereum trust to spot ETF"},"content":{"rendered":"<p><a href=\"https:\/\/cryptoslate.com\/companies\/grayscale-investments\/\">Grayscale<\/a> has moved to convert its Ethereum Trust (ETHE) into a spot exchange-traded fund (ETF).<\/p>\n<p>In an Oct. 2 <a href=\"https:\/\/globenewswire.com\/en\/news-release\/2023\/10\/02\/2752751\/0\/en\/NYSE-Arca-Files-Form-19b-4-to-Convert-Grayscale-Ethereum-Trust-to-an-ETF.html\">statement<\/a>, the crypto asset investment product said the New York Stock Exchange Arca filed Form 19b-4 with the U.S. Securities and Exchange Commission (SEC) to convert its Ether Trust into a spot ETF.<\/p>\n<p>The filing is coming on the heels of the SEC\u2019s <a href=\"https:\/\/cryptoslate.com\/ethereum-futures-etf-could-launch-next-week-amid-looming-us-government-shutdown\/\">approval<\/a> of several Ethereum futures ETFs.<\/p>\n<p>Grayscale CEO Michael Sonnenshein said the move further indicated the firm's &#8220;unwavering commitment to offering investors transparent and regulated access to crypto through product structures that are familiar.&#8221; He added:<\/p>\n<blockquote><p>&#8220;As we file to convert ETHE to an ETF, the natural next step in the product\u2019s evolution, we recognize this as an important moment to bring Ethereum even further into the U.S. regulatory perimeter.&#8221;<\/p><\/blockquote>\n<p>Grayscale Ethereum Trust was launched in March 2019 and has grown to become one of the largest Ether investment vehicles in the world. Per its website, the assets under management of the fund sit at approximately $5 billion, representing 2.5% of all Ether in circulation.<\/p>\n<p>Meanwhile, Grayscale recently scored a <a href=\"https:\/\/cryptoslate.com\/grayscale-wins-court-battle-with-sec\/\">landmark victory<\/a> over the SEC due to the regulator's reluctance to approve the transition of its Grayscale <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> Trust (GBTC) into an ETF.<\/p>\n<h2>ETHE discount<\/h2>\n<p>Like <a href=\"https:\/\/cryptoslate.com\/insights\/grayscale-bitcoin-trust-victory-sparks-surge-in-market-activity-and-narrows-gbtc-discount\/\">GBTC<\/a>, Grayscale's ETHE trades at a significant discount to the net asset value (NAV), currently around 31%, according to Coinglass <a href=\"https:\/\/www.coinglass.com\/Grayscale\">data<\/a>.<\/p>\n<p>The ETHE discount peaked near 60% in January and has mostly stayed around 40-50% for most of the year. However, the metric began a significant descent after BlackRock submitted its <a href=\"https:\/\/cryptoslate.com\/nasdaq-refiles-blackrocks-spot-bitcoin-etf-application-names-coinbase-as-surveillance-sharing-partner\/\">application<\/a> for a Bitcoin spot ETF in June. The decline continued, reaching its lowest level in a year, following Ark Invest's <a href=\"https:\/\/cryptoslate.com\/ark-21shares-apply-for-spot-ethereum-etf\/\">application<\/a> for an Ethereum spot ETF in early September.<\/p>\n<p>Currently, Grayscale's ETHE configuration does not support redemptions, a factor contributing to its trading discount. However, the proposed transition from a trust to an ETF, which inherently allows share redemptions, could potentially eliminate this discount.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Grayscale has moved to convert its Ethereum Trust (ETHE) into a spot exchange-traded fund (ETF). In an Oct. 2 statement, the crypto asset investment product said the New York Stock Exchange Arca filed Form 19b-4 with the U.S. Securities and Exchange Commission (SEC) to convert its Ether Trust into a spot ETF. The filing is [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":361846,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35372],"tags":[76128,72190,76686],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Grayscale looks to convert discounted $5B Ethereum trust to spot ETF<\/title>\n<meta name=\"description\" content=\"Grayscale will eliminate the discount in its Ethereum Trust if it converts it into a spot ETF.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/grayscale-looks-to-convert-discounted-5b-ethereum-trust-to-spot-etf\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Grayscale looks to convert discounted $5B Ethereum trust to spot ETF\" \/>\n<meta property=\"og:description\" content=\"Grayscale will eliminate the discount in its Ethereum Trust if it converts it into a spot ETF.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/grayscale-looks-to-convert-discounted-5b-ethereum-trust-to-spot-etf\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-02T17:00:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-02T17:01:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/10\/grayscale-ethereum-etf.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/grayscale-looks-to-convert-discounted-5b-ethereum-trust-to-spot-etf\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/grayscale-looks-to-convert-discounted-5b-ethereum-trust-to-spot-etf\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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