Ethereum Market Update: Grayscale wants to register its Ethereum-based trust with SEC

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  • Grayscale Investments filed an application to register its Ethereum Trust with the regulator.
  • ETH/USD struggles to move above the psychological resistance of $400.00.

Grayscale Investments submitted an application with the US Securities and Exchange Commission to register its Ethereum-based Trust. The company emphasized that the filing is voluntary, however, the registration will entail additional compliance requirements. At the time of writing, Grayscale has $5.5 billion worth of assets under management.

We have publicly filed a Registration Statement on Form 10 with the Securities and Exchange Commission (SEC) on behalf of Grayscale Ethereum Trust. This is a voluntary filing that, if it becomes effective, would designate the Trust as an SEC reporting company and register its shares pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended.

Once the filing is approved, the Trust will become the second digital currency investment vehicle with the status of a company supervised by the SEC. Grayscale Bitcoin Trust was registered with the regulator in January 2020.

Ethereum is the second-largest digital asset with the current market capitalization of $44.2 billion and an average daily trading volume of $11 billion. The coin has been one of the best-performing coins in recent weeks, having recovered from $89.64 on March 13 to over $415 on August 2. At the time of writing, ETH/USD is changing hands at $395 with the key barrier created by $400.00. once it is broken, the upside momentum will gain traction with the next focus on $450.00 and $500.00.

On the downside, the local support is created by $360.00. A sustainable move lower will increase the selling pressure and take the price towards $300.00.

ETH/USD daily chart

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