Greyscale is digital asset management firm, which has taken some significant strides in recent times towards bringing the crypto asset management services to masses. It has recently got an approval from the Financial Industry Regulatory Authority (FINRA) to list shares of Greyscale Ethereum Trust on the retail market.
Greyscale released a statement over the approval stating that it is “the first U.S. publicly quoted security solely invested in and deriving value from the price of Ethereum.”
Greyscale was launched back in 2017 and currently provides 10-crypto-based funds including the recently launched Ethereum one. The company caters to large scale investors with a minimum purchase order of $25,000 through the private listing. The newly launched Ethereum trust would also function similar to the Bitcoin Trust Fund and the Ethereum classic trust fund, and the investors can buy the Ethereum Trust fund in over the counter like securities.
Michael Sonnenshein, managing director of Greyscale Investments, told Bloomberg.
“The secondary market really opens up the opportunity for any and all investors”
When Would Greyscale Ethereum Trust Fund Would Be Available for The Investors
The firm has not yet provided an exact timeline of the listing, however, sources suggest that it might arrive in the open market in the next two weeks. The trust fund would be listed with a ticker symbol ‘ETHE’. Each unit of the trust fund would be equivalent to the one-tenth of Ether.
The company released a press release after getting the approval from FINRA, which states,
“ETHE will not generate any income and regularly distributes Ethereum to pay for its ongoing expenses. Therefore, the amount of Ethereum represented by each Share gradually decreases over time”
Greyscale currently manages digital assets worth $1.8 billion, out which Bitcoin Trust lead with a contribution of $1,737.6 million, while Ethereum trust total value comes to $11.7 million.