Grayscale Investments, an American digital asset manager confirms that its Ethereum Trust (ETHE) gains regulatory approval from the Financial Industry Regulatory Authority (FINRA) for retail trading, as per a press release issued on May 23.
Quoted to be the first public security based on Ethereum (ETH), ETHE receives a go-ahead from FINRA to trade on over-the-counter (OTC) markets. The new product will follow Grayscale’s equivalent Bitcoin (BTC) and Ethereum Classic (ETC) Trusts, that are already publicly quoted.
The launch remains subject to full compatibility with the world’s largest securities depository, Depository Trust Company (DTC), with more than $35 trillion of securities deposited. As per the press release:
“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.”
Grayscale reported last week that its Bitcoin Investment Trust (BIT) earned the lion’s share of investments among clients in Q1 this year owing to April’s sudden bull run in Bitcoin.
Founded by Barry Silbert’s Digital Currency Group in 2013, with a total of ten cryptocurrency products, including those tied to litecoin (LTC), stellar (XLM) and zcash (ZEC).
Image source – Grayscale Twitter