<SEC-DOCUMENT>0001193125-24-176304.txt : 20240820
<SEC-HEADER>0001193125-24-176304.hdr.sgml : 20240820
<ACCEPTANCE-DATETIME>20240708161624
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-176304
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240708

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Grayscale Ethereum Mini Trust (ETH)
		CENTRAL INDEX KEY:			0002020455
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		ORGANIZATION NAME:           	09 Crypto Assets
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		C/O GRAYSCALE INVESTMENTS, LLC
		STREET 2:		290 HARBOR DRIVE, 4TH FLOOR,
		CITY:			STAMFORD,
		STATE:			CT
		ZIP:			06902
		BUSINESS PHONE:		(212) 668-1427

	MAIL ADDRESS:	
		STREET 1:		C/O GRAYSCALE INVESTMENTS, LLC
		STREET 2:		290 HARBOR DRIVE, 4TH FLOOR,
		CITY:			STAMFORD,
		STATE:			CT
		ZIP:			06902
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" ALIGN="center">


<TR>

<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:7pt">
<TD VALIGN="top">


<IMG SRC="g756153g0702121229378.jpg" ALT="LOGO" STYLE="width:1.10972in;height:0.211806in;">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL"><FONT COLOR="#140be3">Dan Gibbons</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL"><FONT COLOR="#140be3">+1 212
450 3222</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL"><FONT COLOR="#140be3">dan.gibbons@davispolk.com</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL"><FONT COLOR="#140be3">Davis Polk&nbsp;&amp; Wardwell <SMALL>LLP</SMALL></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL"><FONT COLOR="#140be3">450 Lexington Avenue <BR>New York, NY 10017</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL"><FONT
 COLOR="#140be3">davispolk.com</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">July&nbsp;8, 2024 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Grayscale Ethereum Mini Trust (ETH) </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Amendment No.&nbsp;2 to Registration Statement on Form S-1 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Filed June&nbsp;21, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">File <FONT
STYLE="white-space:nowrap">No.&nbsp;333-278878</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Crypto Assets </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Att&#146;n: &#8195;Michelle Miller </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#8195;&#8201;Mark Brunhofer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#8195;&#8201;David Lin </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&#8195;&#8201;Justin Dobbie </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and
Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of our client, Grayscale Investments, LLC, a Delaware limited liability company and the sponsor (the &#147;Sponsor&#148;) of
Grayscale Ethereum Mini Trust (ETH) (the &#147;Trust&#148;), this letter sets forth the Sponsor&#146;s responses to the comment letter of the staff (the &#147;Staff&#148;) of the Division of Corporation Finance of the Securities and Exchange
Commission (the &#147;Commission&#148;) dated June&nbsp;28, 2024, relating to Amendment No.&nbsp;2 to the Trust&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1.</FONT> The Sponsor has revised the Registration Statement and
is filing Amendment No.&nbsp;3 to the Registration Statement (as amended, the &#147;Registration Statement&#148;) together with this response letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For
your convenience, we have reproduced the Staff&#146;s comments preceding the Sponsor&#146;s responses below. All capitalized terms used and not defined herein shall have the meaning given to them in the Registration Statement. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g756153g0702121229378.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Amendment No.&nbsp;2 to Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT>
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Prospectus Summary </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Trust Overview, page 1
</U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>You state here that Ether has a circulating supply of approximately 120&nbsp;million coins as of
March&nbsp;31, 2024. You also include other disclosure here and elsewhere in the prospectus as of March&nbsp;31, 2024. Please revise to update this information as of June&nbsp;30, 2024, or the most recent practicable date.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The
Sponsor has revised the disclosure in the Registration Statement to reflect information available as of June&nbsp;30, 2024, or the most recent practicable date, in response to the Staff&#146;s comment. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Risk Factors </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Due to the unregulated nature and lack
of transparency&#133;,page 33 </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note the use of the term &#147;unregulated&#148; when referring to certain crypto asset trading
platforms. Please revise to qualify your use of this term by clarifying that such platforms may be subject to regulation in a relevant jurisdiction but may not be complying.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U> </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The
Sponsor has revised the disclosure on pages ii, 5, 32 and 33 of the Registration Statement in response to the Staff&#146;s comment. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Regulatory changes
or actions by the U.S. Congress..., page 53 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please remove the first three sentences in the first full paragraph on page 54 as the disclosure lacks the
appropriate context for the referenced statements.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Sponsor has revised the disclosure on page 54 of the Registration Statement in response to the Staff&#146;s comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&#8195;*&#8195;* </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with its
response to the Staff&#146;s comments, the Sponsor acknowledges that the Sponsor and its management are responsible for the accuracy and adequacy of its disclosures, notwithstanding any review, comments, action or absence of action by the Staff.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please do not hesitate to contact Joseph Hall, at (212) <FONT STYLE="white-space:nowrap">450-4565</FONT> or joseph.hall@davispolk.com, or me, at (212) <FONT
STYLE="white-space:nowrap">450-3222</FONT> or dan.gibbons@davispolk.com, with any questions you may have with respect to the foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours,
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Dan Gibbons </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dan Gibbons </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Edward McGee </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Craig Salm </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Jake Karlsruher </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Joseph A. Hall </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Davis
Polk&nbsp;&amp; Wardwell LLP </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #140be3">July&nbsp;8, 2024</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #140be3">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-TOP:1px solid #140be3">2</TD></TR></TABLE>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g756153g0702121229378.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g756153g0702121229378.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  4 &D# 2(  A$! Q$!_\0
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KU\A<(3U(&.#P.E%% $EWIUC?E#>65M<E,[#-$K[<]<9'%6<#T%%% '__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
