That amounts to about 3% of ethereum’s entire market cap which has now risen to above $140 billion.
The stock still trades at a significant premium with its price equivalent to about $1,460 per eth as each share, currently trading at $14.60, is backed by 0.01 eth.
Yet for ethe, this $260 premium is a fall from the huge premium of some $6,000 when it opened in July 2019.
If you are not aware of how this works, accredited investors who generally are very rich people with an income of $200,000 a year, can ‘mint’ a share at the eth equivalent price.
Then they have to hold it for six months in this case, with the share sellable at the stock trading price.
Currently there are 285 million such shares, but only about half of them are unrestricted, so creating this premium and inability to easily arbitrage.
Despite these restrictions, this has grown considerably from nothing to $4 billion in just over a year, showing significant interest in eth.
Whether this will lead to an approval remains to be seen, but the situation has become untenable as SEC is forcing the public to buy at a premium from rich investors, meaning SEC is harming the public to protect only the rich.
An ETF thus is now inevitable, the question being only when.