Grayscale Files to Launch Smaller Fund Tied to Its Ethereum Trust -- WSJ

Dow Jones04-24

By Vicky Ge Huang

Grayscale Investments filed on Tuesday to launch a smaller fund tied to its ethereum trust, which the crypto asset manager is also trying to convert into an exchange-traded fund.

The Grayscale Ethereum Mini Trust would trade under the ticker ETH and would be seeded through a spinoff from the main Grayscale Ethereum Trust, according to regulatory filings.

If the fund gains regulatory approval, a chunk of every Grayscale Ethereum Trust investors holdings would automatically move to the new fund, while their overall positions in ethereum held through both funds would remain the same, the filings said.

The new fund is likely to have a lower fee than the ethereum trust, which currently charges 2.5% and has over $9 billion in assets under management.

Last month, Grayscale filed for a smaller and lower-cost fund tied to its flagship bitcoin trust, which has seen nearly $17 billion in outflows since it converted into an ETF in mid-January. Meanwhile, nine newly launched spot bitcoin ETFs have raked in more than $29 billion in inflows, with funds sponsored by BlackRock and Fidelity Investments leading the pack, according to Bloomberg and JPMorgan data.

Grayscales move echoes the trend of Wall Street asset managers launching cheaper versions of popular funds to court a broader base of investors.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

April 23, 2024 16:34 ET (20:34 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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