Grayscale Ethereum Trust Files Proxy Statement

TL;DR

Grayscale Ethereum Trust (ETH) filed its DEF 14A. Standard stuff.

AI Summary

Grayscale Ethereum Trust (ETH), sponsored by Grayscale Investments, LLC, filed a Definitive Proxy Statement (DEF 14A) on May 22, 2024. The filing pertains to the company formerly known as Ethereum Investment Trust, which changed its name on December 12, 2017. The trust is incorporated in Delaware and has a fiscal year end of December 31.

Why It Matters

This filing is a standard proxy statement, indicating routine corporate governance and shareholder communication for Grayscale Ethereum Trust.

Risk Assessment

Risk Level: low — This is a routine DEF 14A filing for a publicly traded trust, not indicating any immediate or unusual risks.

Key Players & Entities

• Grayscale Ethereum Trust (ETH) (company) — Registrant
• Grayscale Investments, LLC (company) — Sponsor
• Ethereum Investment Trust (company) — Former company name
• 20171212 (date) — Date of name change
• 20240522 (date) — Filing date

FAQ

Filing Documents

• d710879ddef14a.htm (DEF 14A) — 505KB
• g710879dsp0094a.jpg (GRAPHIC) — 2KB
• g710879dsp094.jpg (GRAPHIC) — 4KB
• 0001193125-24-145019.txt ( ) — 515KB

From the Filing

DEF 14A 1 d710879ddef14a.htm DEF 14A DEF 14A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material under 240.14a-12 GRAYSCALE ETHEREUM TRUST (ETH) SPONSORED BY GRAYSCALE INVESTMENTS, LLC (Name of Registrant as Specified In Its Charter) N/A ((Name of Person(s) Filing Proxy Statement, if other than the Registrant)) Payment of Filing Fee (Check all boxes that apply): No fee required. Fee paid previously with preliminary materials. Fee computed on table in exhibit required by Item25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. Grayscale Investments, LLC 290 Harbor Drive, 4th Floor Stamford, Connecticut 06902 May 22, 2024 Dear Shareholder: On behalf of Grayscale Investments, LLC, the sponsor (the Sponsor) of Grayscale Ethereum Trust (ETH) (the Trust or ETHE), I would like to thank you for being an ETHE investor. I would like to call your attention to the three proposals we are putting forth in the attached Consent Solicitation Statement . We are extremely proud of the past success of ETHE, and we look forward to improving the product for all current and future investors. The following is a summary of the three proposals contained in the attached Consent Solicitation Statement: Providing the Trust with alternative procedures for the creation and redemption of Baskets This proposal will allow the Sponsor to cause the Trust, subject to compliance with certain requirements, to create and redeem Baskets in exchange for the receipt or delivery of cash, respectively, from or to an Authorized Participant. We believe this proposal will provide operational efficiencies that are beneficial to the Sponsor and the Trust. Providing that the Sponsors Fee be payable to the Sponsor daily in arrears Currently, the Trust Agreement provides that the Sponsors Fee is payable to the Sponsor monthly in arrears, and the Sponsor has discretion regarding when it will instruct the Custodian to withdraw Ether from the Ether Account equal to the accrued but unpaid Sponsors Fee. With the changes we are seeking, the Sponsors Fee would be payable daily in arrears and the Sponsor will maintain the discretion to instruct the Custodian to withdraw Ether from the Ether Account equal to the accrued but unpaid Sponsors Fee. Permitting a portion of the Trust Estate to be held from time to time in one or more omnibus accounts in order to facilitate the creation and redemption of Shares This proposal will allow the Trust to utilize the prime brokerage services of an affiliate of the Custodian. We believe that each of these proposals will provide operational efficiencies or other benefits that are advantageous to the Sponsor and Trust. We hope you share our view that these amendments both modernize and simplify ETHE Shares for the ultimate benefit of current and future ETHE shareholders. The board of directors of Grayscale Investments, LLC recommends that you vote FOR the three proposals. Your vote is important. If you have any questions regarding the attached materials or need assistance in voting, please contact the Sponsor at Grayscale Investments, LLC, 290 Harbor Drive, 4th Floor, Stamford, Connecticut 06902 or at (212) 668-1427 or via email at info@grayscale.com. Thank you in advance for your timely consideration of this matter. Sincerely, Edward McGee Chief Financial Officer Grayscale Investments, LLC GRAYSCALE ETHEREUM TRUST (ETH) c/o Grayscale Investments, LLC 290 Harbor Drive, 4th Floor Stamford, Connecticut 06902 (212) 668-1427 May 22, 2024 CONSENT SOLICITATION STATEMENT This consent solicitation statement, dated as of May 22, 2024 (the Consent Solicitation Statement), is being provided to you on behalf of the sponsor of Grayscale Ethereum Trust (ETH) (the Trust), for the purpose of obtaining your consent (the Consent Solicitation) to the three proposals described elsewhere in this Consent Solicitation Statement to amend and restate the Amended and Restated Declaration of Trust and Trust Agreement (as amended, the Trust Agreement) of the Trust, dated as of July 3, 2018 between Grayscale Investments, LLC, as sponsor (the Sponsor), and CSC Delaware Trust Company (formerly known as Delaware Trust Company), as trustee (the Trustee), in the manner set forth in the draft Second Amended and Restated Declaration of Trust and Trust Agreement of the Trust (the Second Amendment). The Sponsor and the Trustee further intend to amend the Trust Agreement to include a number of amendments that clarify and supplement provisions of the Trust Agreement. All capitalized terms us

View Full Filing

View this DEF 14A filing on SEC EDGAR