By Tobi Loba
According to a report, Grayscale Ethereum Trust has been granted an SEC reporting company status.
In early August 2020, Grayscale investments filed form 10 with the United States Securities and Exchange Commission (SEC) for its Ethereum Trust.
The filing was meant to make Grayscale Ethereum Trust an SEC reporting firm, which subjected Ethereum Trust to the requirements of Regulation 13 A under the Exchange Act.
The filing reads in part as follows:
“The filing is subject to SEC review; if the Registration Statement becomes effective, it would designate Grayscale Ethereum Trust as the second digital currency investment vehicle to attain the status of a reporting company by the SEC, following Grayscale® Bitcoin Trust as the first.”
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Grayscale Ethereum Trust Granted SEC Reporting Company Status
In an announcement shared a while ago via the official Twitter handle of Grayscale investments, Grayscale Ethereum Trust has now become an SEC reporting company:
“ANNOUNCEMENT: Grayscale Ethereum Trust has reached another incredible milestone: it is now an SEC reporting company.”
ANNOUNCEMENT: Grayscale #Ethereum Trust has reached another incredible milestone: it is now an SEC reporting company. $ETH pic.twitter.com/jrDvggJCRg
— Grayscale (@Grayscale) October 12, 2020
Elaborately, Michael Sonnenshein, the Managing Director at Grayscale wrote:
“This marks an incredible milestone for the product, my team, and the digital currency industry — ETHE is now the 2nd digital currency investment product to become SEC reporting (following our BTC Trust)”
This Would Benefit Ethereum (ETH)
The fact that Grayscale Ethereum Trust has become an SEC reporting company would serve as a boost to Grayscale’s reputation.
Many institutional investors that are yet to be fully convinced with investing in digital assets would gain the courage to join the success train. At the same time, this would directly benefit the second-largest digital currency by market cap, Ethereum (ETH).
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At press time, Grayscale Investments has ETH worth $809.8 million under its management. This is expected to increase, considering the latest development.
Also, the latest announcement seems to be favoring Ethereum (ETH) at the moment, as it recently broke above $380 resistance. At the time of filing this report, ETH is trading at $383.86, with a 2.56% price upsurge in the last 24 hours.
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