Grayscale Ethereum Trust has reportedly submitted document to acquire the status of an SEC reporting firm, during the current Ethereum bull run.
Specifically, Amidst the Ether (ETH) bull run, Grayscale Investments has reportedly volunteered its Ethereum Trust to become an SEC reporting firm. Its most widely recognized investment product is a Bitcoin Trust, which reportedly possess roughly 400,000 Bitcoin (BTC), equivalent to $4,744,800,000 as of press time.
Moreover, its Ethereum Trust reportedly had 1.9 million ETH in its storage at the moment, standing at around $746 million. As for the remaining of Grayscale products, Coinbase is reportedly in charge of the custody work.
Grayscale further revealed that the submission is reportedly being reviewed, and if passed, would become the 2nd crypto investment vehicle to acquire the status.
“The filing is subject to SEC review; if the Registration Statement becomes effective, it would designate Grayscale Ethereum Trust as the second digital currency investment vehicle to attain the status of a reporting company by the SEC, following Grayscale® Bitcoin Trust as the first.”
This development would reportedly put Trust in a more favourable status in the eyes of potential institutional investors.
“This past quarter alone (2Q20), we saw the average weekly investment into the Grayscale Ethereum Trust hit $10.4 million, amounting to record quarterly inflows into the Trust to the tune of $135.2 million.” Grayscale disclosed that the demand for its Ethereum Trust in Q2 2020 accumulated for around 15% of all inflows.