On August 6, Grayscale Ethereum Trust filed to become an SEC reporting company.
In the midst of Ether’s (ETH) bull run, Grayscale Investments voluntarily decided to convert its Ethereum Trust into an SEC reporting company. The company’s best known investment product is its Bitcoin Era Trust, which holds about 400,000 bitcoins (BTC), worth nearly USD 4,744,800,000 at the time of this publication. In addition, its Ethereum Trust currently holds 1.9 million ETH, valued at approximately USD 746 million. As with Grayscale’s other products, Coinbase acts as its custodian.
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Grayscale noted that the presentation is under review. If approved, it would be the second investment vehicle in cryptology to achieve that status:
„The filing is subject to SEC review; if the registration statement becomes effective, it would designate the Grayscale Ethereum Trust as the second digital currency investment vehicle to achieve SEC reporting company status, after the Grayscale® Bitcoin Trust as the first.
This would likely provide the company with a much more favorable outlook for potential institutional investors.
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81% of returning institutional investors invest beyond Bitcoin
In today’s Medium, Grayscale noted that demand for its Ethereum Trust in the second quarter of 2020 accounted for nearly 15% of all its revenues:
„In the last quarter (2Q20) alone, we saw the average weekly investment in the Grayscale Ethereum Trust reach USD 10.4 million, which equates to a record quarterly income in the Trust of USD 135.2 million.
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In a statement to Cointelegraph, Grayscale emphasized the increased willingness to diversify beyond Bitcoin for returning institutional investors. In the last quarter, 81% of these investors diversified their holdings beyond Bitcoin, an increase of 71% over the last 12 months.