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Grayscale Ethereum Trust ETF (NYSEARCA:ETHE), currently trading at $32.27 with a market capitalization of $3.95 billion, reported an internal corporate reorganization of its sponsor structure, according to a statement released in a Securities and Exchange Commission filing. The trust has demonstrated strong performance, posting a 114.59% return over the past six months.
On Wednesday, GSO Intermediate Holdings Corporation, which was the sole managing member of Grayscale Operating, LLC, completed a reorganization in which it transferred a portion of its common membership units of Grayscale Operating for Class A shares of Grayscale Investments, Inc. As part of this process, GSO Intermediate Holdings Corporation ceded its managing member rights in Grayscale Operating to Grayscale Investments, Inc., making Grayscale Investments the sole managing member of Grayscale Operating, which remains the sole member of Grayscale Investments Sponsors, LLC, the sponsor of the trust.
The filing further states that, in connection with the reorganization, DCG Grayscale Holdco, LLC, the sole stockholder of Grayscale Investments, Inc., elected a board of directors at Grayscale Investments. The new board comprises Barry Silbert, Mark Shifke, Simon Koster, Peter Mintzberg, and Edward McGee, who previously served on the board of GSO Intermediate Holdings Corporation. Barry Silbert serves as chairperson of the board. Peter Mintzberg and Edward McGee retain their authority as officers of the sponsor under its limited liability company agreement.
All entities involved in the reorganization, including DCG Grayscale Holdco, LLC, Grayscale Investments, Inc., GSO Intermediate Holdings Corporation, Grayscale Operating, LLC, and Grayscale Investments Sponsors, LLC, are consolidated subsidiaries of Digital Currency Group, Inc.
According to the statement, the trust does not expect the reorganization to have any material impact on its operations.
This information is based on a press release statement filed with the Securities and Exchange Commission.
In other recent news, Grayscale Ethereum Trust ETF has made several significant updates. The company announced a new Fund Administration and Accounting Agreement with BNY Mellon Asset Servicing, which took effect immediately, replacing a previous agreement from earlier this year. Additionally, Grayscale has updated its prime broker and staking arrangements, entering into a new agreement with Coinbase, Inc. This new agreement continues Coinbase’s role as the custodian of the trust’s Ether holdings and outlines the custody and brokerage responsibilities.
Furthermore, shareholders of Grayscale Ethereum Trust ETF have approved amendments to the trust agreement, allowing the trust to stake its Ether holdings. These changes were supported by a majority of outstanding shares, enabling the trust to participate in Ether staking and receive related benefits. The first proposal, specifically focused on staking Ether, received a significant majority of votes in favor. These developments reflect Grayscale’s ongoing efforts to optimize its operations and expand its capabilities in managing Ether assets.
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