Assets, Ethereum

Does Grayscale Have an Ethereum Trust?

Grayscale Investments, the world’s largest digital currency asset manager, has filed to list its Ethereum Trust on the OTCQX Best Market, according to a press release on Tuesday (March 2).

This move comes after the successful launch of the Grayscale Bitcoin Trust (OTCQX: GBTC) on the OTCQX in 2015 and marks another step in the company’s mission to make digital currency investing mainstream.

The Ethereum Trust will trade under the ticker “ETHE” and will be available to accredited investors. Like GBTC, investors will be able to buy and sell shares of ETHE through their broker-dealers.

The trust’s purpose is to “provide exposure to the price movement of ETH through a traditional investment vehicle without the challenges of buying, storing, and safekeeping ETH,” according to the press release.

Grayscale Investments is a subsidiary of Digital Currency Group, which also owns CoinDesk.

Ethereum has been one of the best-performing cryptocurrencies in 2021, with its price rising more than 400% since the beginning of the year. The asset is currently trading at around $2,200.

The filing comes as institutional interest in cryptocurrency continues to grow. Last week, Tesla announced it had invested $1.

5 billion in bitcoin and would start accepting it as a form of payment for its cars. And on Monday (March 1), Goldman Sachs announced it would begin offering bitcoin investments to its wealthy clients.

So far this year, Grayscale has seen inflows of more than $24 billion into its products, which also include trusts for bitcoin cash, litecoin and others. The company now has more than $46 billion in assets under management.

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