Grayscale Investments has submitted an application with the U.S. Securities and Exchange Commission (SEC) to convert its Grayscale Ethereum Trust (ETHE) into a spot ether exchange-traded fund (ETF). The investment firm, along with the New York Stock Exchange Arca, aims to convert the trust into a spot ether ETF. The Grayscale Ethereum Trust, which currently holds $4.9 billion in assets under management, accounts for 2.5% of all ether in circulation. Grayscale’s filing follows the launch of the first-ever ether futures-based ETFs by VanEck, Bitwise, ProShares, and others. Grayscale is also awaiting the SEC’s decision on its spot BTC ETF and hopes for approval of an Ethereum futures product.

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