一文了解Grayscale申请注册的以太坊迷你信托ETF

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Grayscale recently submitted documents to the U.S. Securities and Exchange Commission (SEC) to register a new Ethereum exchange-traded fund (ETF*), namely Grayscale Ethereum Mini Trust (proposed ticker: ETH), which will be created through a split. These filings reinforce Grayscale's commitment to expanding Ethereum access in the United States and providing product choices for investors and capital market allocators—thus enabling Grayscale products to support them wherever they are in their Ethereum investment journey.

We contacted Craig Salm, Chief Legal Officer of Grayscale, to discuss some details of Grayscale's new ETH regulatory filings.

Grayscale submitted what regulatory filings to the SEC?

Grayscale recently submitted an S-1 registration statement for a new Ethereum ETF called Grayscale Ethereum Mini Trust. Grayscale intends to list the product on NYSE Arca under the ticker "ETH" pending approval from regulatory authorities. Concurrently, Grayscale submitted an information statement on Schedule 14C relating to the launch of Grayscale Ethereum Trust (OTCQX: ETHE) in connection with the launch of Grayscale Ethereum Mini Trust. The 14C describes the mechanism by which ETHE supports Grayscale Ethereum Mini Trust by splitting a certain number of ETHE's Ethereum into ETH and distributing ETH proportionally to ETHE shareholders, also subject to regulatory approval.

We believe the approval of Grayscale Ethereum Mini Trust will be a net positive for existing ETHE shareholders, who will maintain the same exposure to Ethereum and benefit from the additional advantage of lower average fees across the two products.

What significance does the "split" and initial distribution of ETH hold?

At a higher level, "split" typically refers to a company creating a new independent company or entity by separating a portion of its existing business. Subsequently, the new entity operates separately from the original entity, having its own management, assets, and shares.

Regarding ETHE and ETH, we refer to it as a "split" because a certain proportion (to be announced) of existing Ethereum-based ETHE shares will be used to power the new Grayscale Ethereum Mini Trust. Shares of ETH will be distributed proportionally to ETHE shareholders so that they maintain the same ETH exposure—though distributed between the two products, ETHE and ETH, rather than solely ETHE.

It's worth noting that the launch of these two spot Ethereum ETFs, as well as the split and distribution of ETHE, are pending regulatory approval. Additionally, the split is not expected to be a taxable event for ETHE or its shareholders.

Why is Grayscale planning to launch two ETFs each holding Ethereum separately?

Ultimately, Grayscale's goal is to build a rich suite of products based on Ethereum to support a broad range of investors. We believe the characteristics of ETHE, particularly its liquidity and track record, will bring unparalleled value to U.S. investors and capital market allocators who favor these attributes.

We know investors are not one size fits all—investors have different needs based on their specific investment strategies. That's why Grayscale submitted a registration statement for Grayscale Ethereum Mini Trust to the SEC. Pending regulatory approval, it will be launched as a lower-fee alternative to spot Ethereum ETFs designed for investors interested in optimizing their Ethereum ETF investments for implementation in their brokerage or retirement accounts using a "buy and hold" investment strategy.

What is the timeline for SEC's decision on spot Ethereum ETFs?

Before spot Ethereum ETFs can be allowed to list and trade on U.S. national exchanges, their registration statements must become effective, and other regulatory requirements must be approved.

Firstly, the SEC must approve the exchange's 19b-4 form for listing. It's worth noting that two similar spot Ethereum ETF applications are nearing their statutory deadlines, and the SEC must approve or deny such 19b-4 forms by late May 2024.

Additionally, ETHE's S-3 form must become effective first before ETHE can be listed as a spot Ethereum ETF on NYSE Arca. Similarly, ETH's S-1 form needs to become effective first before ETH can be listed on NYSE Arca.

What do ETHE investors need to do to prepare for the proposed split and distribution?

No action is required for current ETHE holders to prepare for the split. If regulatory approval is obtained, investors will see a portion of their Ethereum behind their ETHE automatically "seed" the newly created Grayscale Ethereum Mini Trust, and investors will receive new ETH without taking any action, resulting in both ETHE and ETH being deposited into their accounts on the distribution date.