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Cryptocurrency asset management firm, Grayscale Investments has today announced that Grayscale Ethereum trust has received FINRA approval for a public quotation under the symbol ETHE on the OTC Markets.
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://t.co/SQPBI8CjrQ (1/2)
— Grayscale (@GrayscaleInvest) May 23, 2019
“ETHE is an open-ended trust that holds Ethereum and derives its value solely from the value of Ethereum,” the announcement reads. “Investors in ETHE can gain exposure to the price movement of Ethereum without the challenges of buying, storing, and safekeeping Ethereum.”
The press release goes on to state that, as of April 30, 2019, each ETHE share represents ownership of 0.09662399 Ethereum. Additionally, ETHE will not generate any income and regularly distributes Ethereum to pay for expenses. As such, the amount of Ethereum represented by each ETHE Share will gradually decrease over time.
Furthermore, there will be no trading volume until the shares are eligible with the Depository Trust Company (DTC), which is expected to receive soon. Once trading goes live, investors will be able to find current financial disclosure and Real-Time Level 2 quotes for ETHE shares on the OTC Markets website.
As could be expected, crypto Twitter was excited at the news:
pic.twitter.com/iS4GCadOfz
— Hanakookie (@Hanakookie1) May 23, 2019
This is bigger than any VanEck ETF
— XRPoseidon (@XRPoseidon) May 23, 2019
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