Grayscale, the company behind the world’s largest crypto funds, has announced its plans to convert its Grayscale Ethereum Trust (ETHE) into a spot Ethereum (ETH) ETF. This conversion would mark the “final stage” of the Ethereum Trust’s planned lifecycle since launching in March 2019. An ETF is a stock index that tracks the price of an underlying asset or basket of assets, such as cryptocurrency. A spot Ethereum ETF would market sell shares to investors that were each backed by a fixed amount of ETH held by the fund or a partnering custodian.Grayscale is the fifth firm to file for a spot in Ethereum ETF in the past month, following filings from Ark/21Shares, HashDex, VanEck, and Galaxy/Invesco. Grayscale has already fought for years to convert the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, but has continuously been stonewalled by the Securities and Exchange Commission (SEC).Last month, Grayscale also filed for a futures Ethereum ETF, joining over a dozen other firms to apply for such a product in recent months. Futures ETFs are backed by cash-settled futures contracts rather than actual ETH, and are viewed to have less bullish implications for the underlying asset’s price. The first set of futures ETH ETFs launched on Monday, with Valkyrie’s ETF leading for trading volume within hours of their opening. However, their opening volume pales in comparison to that of ProShares’ Bitcoin Strategy ETF in October 2021, which amassed $500 million of volume in one day.

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Information	Details
Geography	Global
Countries
Sentiment	positive
Relevance Score	8
People	Ark/21Shares, Michael Sonnhenshein, Galaxy/Invesco, VanEck, HashDex
Companies	Ark/21Shares, Securities and Exchange Commission (SEC), Galaxy/Invesco, Valkyrie, Grayscale, VanEck, HashDex, ProShares
Currencies	Ethereum, Bitcoin, goBTC
Securities	None