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Grayscale Ethereum Trust ETF (NYSEARCA:ETHE), currently valued at $4.82 billion and trading at $35.67, announced Thursday that it has entered into a new Fund Administration and Accounting Agreement with BNY Mellon Asset Servicing, a division of The Bank of New York Mellon. The agreement became effective Thursday, according to a statement made in a recent SEC filing.
The new agreement engages BNY Mellon to provide administrative and accounting services for the trust. BNY Mellon had previously provided these services under an earlier agreement dated February 26, 2024. With the execution of the new contract, the prior agreement has been terminated as of Thursday. The trust has shown remarkable performance, with a 161% return over the past six months.
The filing states that all references to the Fund Administration and Accounting Agreement in the trust’s annual report will now refer to the new agreement with BNY Mellon. The agreement was entered into by Grayscale Investments Sponsors, LLC, acting as sponsor on behalf of the trust.
No additional financial terms or details regarding changes to the scope of services were disclosed in the filing. The trust’s shares continue to be listed on NYSE Arca under the ticker symbol ETHE.
This information is based on a statement made in a press release filed with the Securities and Exchange Commission.
In other recent news, Grayscale Ethereum Trust ETF announced significant changes in its custodial and staking arrangements. The trust has entered into a new prime broker agreement with Coinbase, Inc., which also involves Coinbase Custody Trust Company, LLC and Coinbase Credit, Inc. This new arrangement replaces a previous agreement and confirms Coinbase as the custodian of the trust’s Ether holdings. Additionally, shareholders of Grayscale Ethereum Trust ETF approved amendments to the trust agreement that enable it to stake its Ether holdings. The proposal to allow Ether staking was supported by a significant majority, with 8,110,544 votes in favor. These developments reflect a strategic shift in how the trust manages and utilizes its Ether assets. The amendments also allow the trust to receive staking consideration, marking a notable change in its operational strategy.
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