Grayscale announced a new milestone on Monday, its product Ethereum Trust (ETHE) has now officially become an SEC reporting company.
With this latest update, accredited investors who purchase Grayscale Ethereum trust shares will have an earlier liquidity opportunity. This means the holding period of these shares is now halved, reduced from 12 months to 6 months, the same as its bitcoin product Grayscale Bitcoin Trust (GBTC).
The digital currency investing company only offers its products to an accredited investor, an individual who earns income exceeding $200,000 or $300,000 together with a spouse or has a net worth of $1 million, alone or with a spouse.
Currently, ETHE shares are trading at $57, at a premium of nearly 55% to ETH price, drastically down from June’s premium of 950%.
According to trader and investor Alex Kruger, this development was what “helped ETH higher this morning,” and added, “This is bullish ETH as it reduces the lockup period for ETHE from 12 to 6 months.”
Today, Ether jumped over 3% and is currently trading at $387, pushing its YTD performance to 194%.
Around $390 is where trader Loomdart believes it is not “a bad place to punt an eth short.”