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Grayscale Ethereum Trust Announces 9-for-1 Stock Split
Existing shareholders will receive eight additional ETHE shares for each one held, with each new share being a ninth the value and price of the current ones.
Grayscale Investments announced on Wednesday that shares of its Grayscale Ethereum Trust (ETHE) will split 9-for-1, a move that will increase liquidity and perceived affordability of the shares.
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- Effective Dec. 17, any shareholders as of Dec. 14 will receive eight additional ETHE shares for each one held, with each being a ninth the value and price of the present unsplit shares.
- ETHE, a vehicle for investors to gain exposure to ether (ETH), the native currency of the Ethereum blockchain, currently has 29.5 million shares outstanding with each share representing ownership of 0.09284789 ETH.
- When the stock split takes effect, there will be 265.5 million ETHE shares with each representing 0.01031643 of an ether token, a ninth of its current value.
- In a stock split, though, there are more shares outstanding, each new share is proportionally less valuable.
- Companies typically split their shares to increase the number of shares in circulation, thus boosting liquidity.
- In addition, by making each share a fraction of the value price of the original share, it makes the split shares more affordable to retail investors, who may have been put off by the price of the unsplit shares.
- Shares of ETHE are at $109.10, up $0.11. Year to date, the shares have risen about 350%, largely in line with the price of ETH, also up about 350%.
- Grayscale Investments is owned by Digital Currency Group, the parent of CoinDesk.
Read also: Grayscale's Ethereum Trust Granted SEC Reporting Company Status
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
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