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Crypto asset management firm Grayscale Investments has announced that it has received approval from the Financial Industry Regulatory Authority (FINRA) for the public quotation of eligible shares of Grayscale Ethereum Trust.
Launched in 2017, Grayscale Ethereum Trust is an open-ended trust that holds Ethereum and derives its value solely from the value of this digital currency. With FINRA’s approval, it has become Grayscale’s third publicly quoted investment product besides Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Classic Trust (ETCG).
“As with GTBC and ETCG, Grayscale Ethereum Trust will be trading on the OTCQX,” Grayscale said, adding that it will trade under the symbol ‘ETHE’ on the OTC Markets.
Investors in ETHE would be able to gain exposure to the price movement of Ethereum without the challenges of buying, storing, and safekeeping Ethereum, Grayscale said. Previously, the trust was open only to accredited investors and required a minimum investment of $25,000, CoinDesk reported.
“As of April 30, 2019, each share of ETHE represents ownership of 0.09662399 Ethereum. 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,” the release said.
That said, Grayscale has not specified the date as to when the trading will begin. It clarified that until the Trust receives DTC eligibility (the system underpinning the movement and settlement of securities), there will be no trading in the shares.
“We will notify you once we have further clarity on the timing of DTC eligibility and the commencement of trading,” it added.
Ether is currently the second largest cryptocurrency by market cap and is trading at $243 at the time of writing.
