Six companies updated their spot Ethereum ETF S-1 registration statements on May 31, with 21 stocks specifically delisting Ark Invest.
The related filing renames “Ark 21Shares Ethereum ETF” to “21Shares Core Ethereum ETF.” It also removed all references to Ark Invest from the text, although previous filings described Ark Invest as a sub-advisor to the fund.
Ark Invest had no comment on the changes.
Other revisions
Bitwise, Fidelity, Invesco Galaxy, VanEck and Franklin Templeton also submitted amendments.
Franklin Templeton’s amendment included a 0.19% sponsor fee, making it the first issuer to list a percentage-based sponsor fee.
Bloomberg ETF analyst Eric Balchunas pointed out that there is no “fee war” among applicants compared to the competitive fees and temporary discounts offered for spot Bitcoin ETFs prior to launch.
The revised filing confirms that the companies involved in each fund will not participate in staking. Additionally, the filing initially prohibits in-kind creations and redemptions but recognizes the possibility of such transactions subject to future regulatory approval.
Some documents new or restate the proceeds from initial seed sales. For the first time, many state ticker symbols have been added.
previous amendment
With the SEC’s approval of the 19-b4 filing on May 23, a spot Ethereum ETF has become a reality, with experts predicting a launch in late June.
BlackRock first filed an amendment for the iShares fund on May 29. We’ve added a few details, including seed purchase amount, additional partners, and flat sponsor fee maximum limits. Grayscale submitted an amendment to its S-3 statement on May 30.
The latest amendments mean that all spot ETH ETF issuers have met the SEC’s end-of-month deadline. Regulators are now expected to comment on the application, which may require further revisions before the funds are finally released.
Balchunas expects this process to take several weeks and expects the funds to be released no later than July 4.
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