Grayscale Ethereum Trust (OTCQX: ETHE), part of Grayscale Investments, has filed a Form 10 with the Securities and Exchange Commission (SEC) thus becoming a reporting company – like any other public company that trades on an exchange.
The Trust’s shares are now registered pursuant to Section 12(g) of the Securities Exchange Act of 1934.
While the filing may mean little beyond the fact that the Trust will now adhere to more reporting requirements, the Trust may be interested in moving to a regulated exchange (like the NYSE or NASDAQ) at some point in the future. Today it trades on OTC Markets, an alternative trading system (ATS).
The Trust invests in Ethereum and is designed to make it easier for individuals to invest in ETH without having to go to a crypto-exchange, create a wallet, etc. – something that is viewed as a hurdle to broader adoption of crypto in general.
The Trust currently has a market cap of around $1.3 billion with an average daily volume of around 137,000 shares.
Going forward, the Trust will now file its quarterly and annual reports, including its financial statements, on Form 10-Qs and 10-Ks with the SEC, along with current reports on Form 8-K, in addition to complying with all other obligations under the Exchange Act. Grayscale notes the filing should not be confused with becoming an Exchange Traded Fund (ETF).
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