FINRA Approves Public Quotation For Eligible Shares Of Grayscale Ethereum Trustbr>
Asset manager Grayscale Investments has received approval from the Financial Industry Regulatory Authority (FINRA) to list eligible shares of its Grayscale Ethereum Trust (ETHE).
ETHE, launched in 2017, is an open-ended trust that holds ethereum and derives its value solely from the value of the cryptocurrency. It is Grayscale’s third publicly quoted investment product besides Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Classic Trust (ETCG).
According to Grayscale, common units of fractional undivided beneficial interest in ETHE were approved by FINRA for a public quotation on the over the counter (OTC) markets, making it available to all individual and institutional investors.
“Investors in ETHE can gain exposure to the price movement of Ethereum without the challenges of buying, storing, and safekeeping Ethereum,” Grayscale said. “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.”
Grayscale managing director Michael Sonnenshein spoke to Bloomberg about the FINRA approval, noting that “the secondary market really opens up the opportunity for any and all investors.”