Grayscale Investments, a digital asset management firm, made an announcement with regard to the second largest cryptocurrency in the market, Ethereum. The platform stated that the Financial Industry Regulatory Authority [FINRA] approved its Ethereum Trust, ETHE, making it the third publicly quoted investment product. The other two publicly quoted investment products are Grayscale Bitcoin Trust [OTCQX: GBTC] and Grayscale Ethereum Classic Trust [OTCQX: ETCG].
Grayscale Investments stated on Twitter,
“Our team continues to bring new opportunities for investors to gain exposure to digital currencies. We’re pleased to share that Grayscale Ethereum Trust received FINRA approval for a public quotation on
@OTCMarkets under symbol: $ETHE* https://gryscl.co/2M4wVER (1/2)”
In a blog post, the platform stated that each Share of ETHE would be equivalent to 0.09662399 Ethereum, as of 30th April 2019. Further, the asset management firm also stated that the Ethereum in each share would decrease over a period of time as ETHE would not “generate income” and the Ethereum would be “regularly distributed” to clear-out expenses.
It further stated,
“There will be no trading volume in the Shares’ public quotation until the Shares are DTC eligible, which ETHE is expected to receive soon. Investors will be able to find current financial disclosure and Real-Time Level 2 quotes for Shares of ETHE on the OTC Markets website once trading commences. “
The ‘announcement of this announcement’ was made yesterday by Barry Silbert, the CEO of Digital Currency Group, thereby creating a buzz. Barry Silbert had stated on Twitter,
@GrayscaleInvest for some big news at 9 am NY time tomorrow. Announcing an announcement (yeah, that’s how I roll)”
To add on, the firm had recently launched the #DropGold initiative, with its main focus being prompting investors to invest in the digital gold, Bitcoin. The firm had stated,
“Grayscale is again pushing the envelope for traditional investors with a clear message: it’s time to #DropGold. […] Grayscale is again pushing the envelope for traditional investors with a clear message: it’s time to #DropGold.
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