Grayscale Investments, a digital currency asset manager and sponsor of Grayscale Ethereum Trust (OTCQX: ETHE), this week announced a nine-for-one split of the trust’s issued and outstanding common units of fractional undivided beneficial interest. With the share split, shareholders of record on Dec. 14, 2020 will receive eight additional shares of the trust for each share held.
The Share Split will be effected on Dec. 17, 2020 to shareholders of record as of the close of business on Dec. 14, 2020. Following the share split, the trust’s shares will continue to be quoted on the OTCQX under the symbol ETHE.
Based on the trust having 29,502,100 shares issued and outstanding and each share representing ownership of 0.09284789 of one Ethereum token as of Dec. 2, immediately after effectiveness of the share split the trust would have 265,518,900 shares issued and outstanding and each share would represent ownership of 0.01031643 of one Ethereum token.
The trust may create new shares up through the record date.
Shareholders are not required to take any action to receive the shares in connection with the share split and they will not be required to surrender or exchange their shares in the trust. The transfer agent will automatically issue the new shares in the share split.
The transfer agent for shares of the trust is Continental Stock Transfer & Trust Company. For questions relating to the transfer or mechanics of the share split, stockholders may contact Continental Stock Transfer & Trust Company, 1 State Street, 30th Floor, New York, NY 10004-1561, or by phone at: 800-509-5586 (Domestic callers) or 212-509-4000 (International callers). If shares are held by a bank, broker or other nominee, stockholders should contact that institution directly.
Shareholders contemplating a transaction in the trust’s shares between the record date and payment date should consult a broker regarding their entitlement to the share split.