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Read more: Grayscale Decentralized AI Fund Unveils Investments In Top AI Blockchains
In addition to reducing management fees, the company will waft this fee entirely for the first six months, applicable up to $2 billion in assets under management (AUM).
The update follows recent approval by the Securities and Exchange Commission (SEC) of Grayscale Ethereum Mini ETF. The SEC‘s green light, issued on Wednesday, also included the approval of ProShares’ Ethereum ETF.
Previously, Grayscale had proposed converting its Grayscale Ethereum Trust into a spot Ethereum ETF. The existing fund operates as a closed-end fund, which complicates the redemption of shares. To address this, Grayscale introduced the Grayscale Ethereum Mini ETF, which will be supported by assets from the larger ETF.
James Seyffart, an ETF analyst at Bloomberg Intelligence, believes that the mini fund’s approval will help reduce potential outflows from the larger Ethereum Trust. This strategic move is seen as crucial for Grayscale amid increasing demand for regulated cryptocurrency investment products in the U.S.
Grayscale is expected to provide further updates as the situations progress. Seyffart predicts that trading for the mini fund could begin alongside related products as early as next week.
Earlier this year, the SEC approved Grayscale’s plan to convert its Bitcoin Trust into a Bitcoin ETF. Grayscale also offers a mini Bitcoin ETF with lower fees compared to its primary Bitcoin product.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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