Six companies updated their spot Ethereum ETF S-1 registration statements on May 31, with 21 Shares notably dropping Ark Invest from its filing.
The relevant filing renames the “Ark 21Shares Ethereum ETF” to the “21Shares Core Ethereum ETF.” It also removes all mention of Ark Invest from its text, whereas previous submissions described Ark Invest as the fund’s subadvisor.
Ark Invest has not commented on the change.
Bitwise, Fidelity, Invesco Galaxy, VanEck, and Franklin Templeton also filed amendments.
Franklin Templeton’s amendment includes a 0.19% sponsor fee, making it the first issuer to list a percentage-based sponsor fee.
Bloomberg ETF analyst Eric Balchunas noted the absence of a “fee war” among applicants compared to the competitively reduced fees and temporary discounts offered for the spot Bitcoin ETFs before launch.
The amended filings affirm that companies involved in each fund will not engage in staking. The filings also initially prohibit in-kind creations and redemptions but acknowledge the possibility of such transactions depending on future regulatory approval.
Some filings newly state or restate initial seed sale proceeds. Many state ticker symbols for the first time.
The SEC’s approval of 19-b4 filings on May 23 has brought spot Ethereum ETFs closer to reality, with experts predicting a June-end launch.
BlackRock was the first to file an amendment to its iShares fund on May 29. It added several details, such as seed purchase amounts, additional partners, and flat sponsor fee maximums. Grayscale filed an amendment to its S-3 statement on May 30.
The latest amendments mean that all prospective spot ETH ETF issuers have satisfied the SEC’s end-of-month deadline. The regulator will now comment on the applications, which may require further amendments before the funds can finally launch.
Balchunas expects the process to take a few weeks, with the funds projected to launch by July 4 at the latest.
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada’s West Coast.
AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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US President Joe Biden vetoed H.J. Res. 109, which aimed to overturn the of the SEC’s controversial SAB 121 rule, on May 31. Biden wrote that SAB 121 represents the “considered technical” views of SEC staff. He added that the resolution would constrain the SEC’s ability to set guardrails and address future issues and risks […]
The lawmakers called on President Biden to either sign the resolution into law or collaborate with the SEC to revoke the guidance.
Securitize CEO Carlos Domingo confirmed he would testify at the hearing on May 31 following speculation on social media.
Coinbase filed its closing brief on May 31, slamming the SEC for its refusal to provide regulatory clarity for the digital asset industry.
The bifurcated approach of DN-404 allows efficient management of both fungible and non-fungible assets.
Reflecting on how debates from 2015 to 2017 shaped Bitcoin’s future and Ethereum’s governance approach.
Bloomberg Senior ETF Eric Balchunas called an earlier mid-June launch a “long shot.”
Some community members have speculated that the ETH might belong to the bank’s customers.
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