The fund's discount to NAV had ballooned to nearly 60% late in 2022.
filed to launch what would be the U.S.'s first spot ether ETFs with asset managers VanEck and Ark Invest.
“The market is weighing higher odds that Grayscale will be able to convert its ETHE product into an ETF following the push from traditional finance giants into the space,” Lucas Outumuro, head of research at crypto analytics firm IntoTheBlock, noted in a report. The action has sent ETHE shares higher by 140% this year, IntoTheBlock noted, significantly outperforming theETHE is a closed-end fund that manages $4.5 billion worth of ether. Its current structure doesn’t allow redemptions, so converting the trust into an ETF – a structure that does allow for share redemptions – would effectively close the discount to zero.
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