Grayscale's Ethereum Trust (ETHE) has shifted from trading at a discount to a premium in its net asset value (NAV) for the first time since November 2021, according to data.

This turnaround occurred just before anticipated listings of spot Ether (CRYPTO:ETH) exchange-traded funds (ETFs) slated to debut later this month.

Previously, on July 2, 2024, ETHE traded at a 1.13% discount to NAV, but as of July 3, 2024, it moved to a 0.31% premium.

Introduced in 2013, Grayscale Ethereum Trust is part of Grayscale's suite of digital asset investment products and had consistently traded at a discount from late 2021 until this recent shift.

The trust faced a significant discount crisis in December 2022 following the fallout from FTX (CRYPTO:FTT), hitting a low discount of 59% to NAV.