We advised Grayscale in securing SEC approval for the NYSE Arca listing

Davis Polk advised Grayscale Investments, LLC on the successful uplisting of Grayscale Ethereum Trust to an exchange-traded fund, or ETF. With nearly $10 billion in assets under management and representing over 2% of the outstanding Ether supply, the trust was already the largest single holder of Ether in the world and will now offer investors exposure to Ether through traditional securities brokerage and retirement savings accounts.

Shares of the trust are listed on NYSE Arca under the ticker “ETHE.” Approval of the ETF application and listing does not indicate Securities and Exchange Commission approval of the investment opportunity.

Davis Polk assisted Grayscale with the launch of ETHE in 2017 through a private placement to accredited investors, and after securing the SEC’s approval to uplist Grayscale Bitcoin Trust among the first publicly traded spot bitcoin ETFs in January 2024, assisted Grayscale in uplisting ETHE among the first publicly traded spot Ether ETFs.

The Davis Polk capital markets team included partners Joseph A. Hall and Dan Gibbons and associates Dylan H. Lojac, Agustin N. Lopez Roualdes and Ryan Mainous. Partners Zachary J. Zweihorn and Gabe Rosenberg provided financial institutions advice. The tax team included partners Patrick E. Sigmon and Lucy W. Farr and associate Ted Lee. Members of the Davis Polk team are based in the New York and Washington DC offices.

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