Asset Managers Revise Proposals for Ethereum ETFs
Several prominent asset managers have submitted revised proposals for Ethereum ETF to the United States Securities and Exchange Commission (SEC). These filings aim to provide updated information on their respective Ethereum funds.
Updated Filings and Management Fees
Proposals by Leading Asset Managers
VanEck, BlackRock, Grayscale, Invesco Galaxy Digital, and Fidelity have all submitted updated filings to the SEC. Eric Balchunas, an analyst at Bloomberg, noted these updates in a recent post on X.
VanEck’s Fee Structure
VanEck’s filing disclosed a management fee of 0.20% for its Ethereum fund. This fee is comparable to Franklin Templeton’s 0.19%. In contrast, BlackRock has not yet announced the fee structure for its iShares Ethereum Trust (ETHA).
Balchunas suggested that VanEck’s fee announcement pressures BlackRock to keep their management fees below 30 basis points (0.30%).
S-1 Approval is Final Step For Ether ETFs
Final Step Before Launch
The approval of the S-1 registration statement is one of the final steps before the ETFs can debut on Wall Street exchanges. Balchunas predicts that these funds will launch in the first week of July, just before the U.S. Independence Day holiday.
Recent Rule Change
In May, the SEC approved a rule change allowing major asset managers, including VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise, to list and trade eight spot Ether ETFs.
Fidelity’s and Bitwise’s Updates
Fidelity’s updated filing revealed that FMR Capital has seeded the fund with $4.7 million at a price of $38 per share. Bitwise updated its ETF proposal on June 19, indicating a potential $100 million investment from Pantera Capital upon the ETF’s trading launch.
Ethereum ETF Approval Was Political
Political Influences on Approval
Bloomberg ETF analyst James Seyffart believes that the approval of spot Ethereum ETFs was influenced by political decisions rather than purely financial considerations. In a recent interview, Seyffart suggested that the political climate, including actions by the Biden administration and responses from the crypto community, played a significant role in the approval process.
Future Prospects for Other Crypto ETFs
Seyffart noted that significant regulatory changes are needed for the approval of other crypto ETFs, including Solana. However, crypto investor Brian Kelly suggested that Solana could potentially become the next cryptocurrency to have a spot ETF in the United States. In a recent episode of CNBC’s ‘Fast Money,’ Kelly mentioned Solana as a likely candidate, alongside Bitcoin and Ethereum.
Bitwise’s New Commercial
Meanwhile, Bitwise has launched its first Ether ETF commercial. The 39-second clip, which showcases the advantages of Ethereum, can also be minted on the Ethereum blockchain.
The post Ethereum ETF Providers Update Fee and Investment Details in Filings appeared first on Cryptonews.
