Grayscale Ethereum Trust (OTC:FILG) In Focus After Latest News
In recent times, the crypto sector has been in significant focus among investors, and one of the companies from the sector that could be worth tracking this morning is Grayscale Ethereum Trust (OTC:FILG). In this context, it should be noted that it had been previously announced by Grayscale Investments that a record date of July 18, 2024, had been set for the creation and distribution of shares of Grayscale Ethereum Mini Trust (ETH Trust) to the Grayscale Ethereum Trust shareholders.
In the news release, Grayscale Ethereum Trust also noted that it aimed to list the ETH Trust on NYSE Arca under the symbol ETH once all the regulatory approvals came through. The company went on to note that anybody who purchased Grayscale Ethereum Trust shares from July 18, 2024 onwards would not automatically be awarded ETH shares as part of the initial distribution.
In the news release yesterday, Grayscale Ethereum Trust also stated that it expected the distribution date to be July 23, 2024. The distribution would begin after the filing and effectiveness of the registration statement of the ETH Trust on Form 8A that would register the shares under the provisions of the Exchange Act. The other measures include the effectiveness of the registration statement of the ETH Trust on From S-1 under the provisions of the Securities Act and the approval of the listing of the shares on NYSE Arca.
Once all these three conditions are fulfilled, the distribution will begin. The company also revealed that the Grayscale Ethereum Trust was not a fund that had been registered under the provisions of the Investment Company Act of 1940 and hence was not subject to the regulations under those provisions. Most mutual funds, or ETFs, were under the regulatory framework of the above-mentioned act. It could be a good time to keep an eye on the Grayscale Ethereum Trust shares.
