As a seasoned crypto investor with a keen interest in Ethereum and ETFs, I’m thrilled to see Bitwise take another step forward in bringing an Ethereum ETF to market. The SEC’s approval of 19b-4 forms for eight spot Ethereum ETFs, including Bitwise’s product, was a significant milestone. However, the S-1 statement’s effectiveness is a necessary prerequisite before trading can commence.
Bitwise Asset Management recently updated their SEC application, submitted on a weekday prior to the July 8th deadline, for launching an Ethereum-based exchange-traded fund (ETF).
After this latest update, according to predictions made by James Seyffar, an analyst at Bloomberg ETF, Ethereum ETFs such as Bitwise’s may start trading within the next fortnight.
New filing from BitwiseAssets: Their proposed Ethereum ETF, #BitwiseETHFund, undergoes further modifications as shown in the latest S-1 submission. More such filings may surface from other issuers by week’s end. The anticipated listing dates for these ETFs are currently projected towards the end of next week or the following week.— James Seyffart (@JSeyff) July 3, 2024
Eight Ethereum spot ETF proposals, including Bitwise’s, received approval from the SEC on May 23. Yet, for trading to begin, the issuers of these ETFs need to have their S-1 registration statements declared effective by the Securities and Exchange Commission.
Additionally, Bitwise’s amended S-1 filing introduces several modifications, with the primary change being a fee exemption for assets under management up to $500 million. Nonetheless, the company has yet to reveal the fees that will be charged beyond this amount. This pricing strategy is intended to entice early investors towards the product.
For example, VanEck and other entities are providing comparable concessions, indicating a level of competition among the emerging financial products designed for investment. This action hints at proactive measures taken by companies before officially joining the market.
James Seyffart of Bloomberg ETF reported that several ETF issuers are planning to submit revised S-1 forms during the upcoming week, suggesting a collaborative approach to fulfilling regulatory obligations.
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2024-07-04 03:32