Grayscale Investments recently updated its registration statement for its proposed Ethereum fund, adding details about the treatment of ether and the amount held by the trust.

Grayscale filed the amended S-3 registration statement on Thursday, following BlackRock's amended S-1 filing the previous day and the SEC's approval of 19b-4 forms for eight Ethereum ETFs a week earlier.

The updated filing includes new information about the amount of ether needed to create a basket of shares. As of May 28, 2024, approximately 0.94552590 ether is required to create a basket of 100 shares, and 94.552590 ether for 10,000 shares, after adjustments from the Amended Trust Agreement.

Additional registration statements are expected to be submitted by Friday, as requested by the SEC. Trading of these ETFs will not commence until the registration statements are effective.

Grayscale moved to convert its Ethereum trust to a spot ether ETF in October of last year. Launched in March 2019, the Grayscale Ethereum trust is the largest ETH investment vehicle worldwide, holding about 2.5% of ether in circulation as of March 31.

Regarding ether's status, the crypto industry has been questioning whether it would still be considered a security under the SEC's jurisdiction following the approval of spot Ethereum ETFs. Grayscale's latest filing addresses this issue, noting that while other U.S. and state agencies, including the SEC, have not officially classified ether, the SEC's approval of exchange rule filings for trusts holding ether implies it is treated as a commodity.