Grayscale Investments has officially made the long awaited Ethereum Classic Investment Trust available to investors on the market. The theatre announced on Wed that the fund is alive for accredited investors.
The fees differ though. While the Bitcoin Trust has an annual fee of 2 percent, the novel Ethereum Trust is at 3 percentage this includes a i percentage “development contribution” that Silbert announced. This volition become to evolution in addition to marketing of the currency for the get-go 3 years.
The initial uppercase comes from Silbert himself, Digital Currency Group in addition to Glenn Hutchins who is the co-founder of person investment fellowship Silver Lake.
When the fund was initially announced, around inside the community raised questions virtually a possible conflict of interest, or rather the influence of the fund via Digital Currency Group.
DCG has draw of piece of occupation organisation interests inwards intelligence provider CoinDesk.
ETC toll skyrockets
The trust was announced to Blue Planet inwards early on 2016 in addition to right away caused waves inwards the ETC market, which was depressed since the fork of Ethereum/Ethereum Classic. The anticipation of the fund going alive has already caused a surge of over 200 percentage over 8 weeks for the $419.1 mln marketplace uppercase of ETC.
Silbert explains to Reuters:
“We’re excited virtually the Ethereum Classic, equally opposed to Ethereum because ETC has a fixed provide in addition to the potential to serve the smart contract in addition to micropayment layer to the Internet of Things.”
All eyes on SEC
Although the Winkelvoss application for an ETF was shot down, the cards are dorsum on the table.
As Cointelegraph reported, the SEC is reconsidering a pose out of telephone substitution traded funds that could endure made available to the public. Ethereum’s possibility has gained renewed involvement afterwards it was pointed out that the digital currency is non purely a shop of value.