About a week ago, Grayscale’s Ethereum Trust (ETHE) was trading at a 23.78% discount to NAV. A discount to NAV occurs when the market price of a closed-end fund or exchange-traded product (ETP) is lower than its net asset value per share. Essentially, the NAV is the per-share value of the fund’s assets minus its liabilities, divided by the total number of shares outstanding.

Grayscale’s Ethereum Trust (ETHE) discount or premium to NAV via ycharts.com.

With the anticipation of ETH ETFs being approved, Grayscale’s ETHE fund has seen a significant reduction in its discount to NAV. As of May 21, 2024, the discount has narrowed to its lowest level since 2021 at 6.66%. ETHE currently trades publicly on over-the-counter (OTC) markets but lacks a redemption program, leading shares to trade at premiums or discounts to the underlying ethereum holdings.

Grayscale Ethereum Trust (ETHE) aims to become a publicly traded ETF through a process called “uplisting,” subject to SEC approval. Like its Bitcoin Trust, Grayscale believes its SEC-reporting products, including ETHE, present a compelling case for converting to an ETF structure. Along with the narrowing discount to NAV, Grayscale removed staking features from its ETF proposal on Tuesday.

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