Grayscale's Ethereum Trust (ETHE) has returned to trading at a discount to its net asset value (NAV) after briefly trading at a premium on July 3, 2024.

The premium of 0.31% was short-lived, with the trust dropping to a 1.15% discount by July 5.

This marked the first positive valuation for ETHE since 2021, coinciding with the anticipated listing of spot Ether (CRYPTO:ETH) ETFs within two weeks.

Despite the current discount, it is a significant improvement from the 46% discount seen in July 2023.

The trust, launched in December 2017, trades OTC under the ticker ETHE, with 310,158,500 outstanding shares valued at 0.00943075 ETH each.

This equates to roughly 2.93 million ETH, or approximately $8.7 billion based on current ether prices.