Grayscale, the world's largest crypto asset manager, is seeking approval from the Securities and Exchange Commission (SEC) to convert their Grayscale Ethereum Trust (ETHE) into a spot Ethereum ETF in partnership with NYSE Arca, according to a Monday press release. 

ETHE, launched in March 2019, is the top Ether investment vehicle globally, which boasts a staggering nearly $5 billion in assets under management. As of now, it accounts for 2.5% of the altcoin's total circulating supply. 

The trust became an SEC reporting company in October 2020, boosting its transparency.  

Michael Sonnenshein, Grayscale CEO, emphasized that the conversion will allow Grayscale to offer a product structure that is familiar to U.S. investors. 

Last month, Grayscale also expressed its intent to establish an Ether futures exchange-traded fund (ETF)