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Home»ETHEREUM NEWS»Ark Invest Proposes Ethereum ETF to Stop Staking on 21Shares Spot
ETHEREUM NEWS

Ark Invest Proposes Ethereum ETF to Stop Staking on 21Shares Spot

By Crypto FlexsMay 11, 20242 Mins Read
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Ark Invest Proposes Ethereum ETF to Stop Staking on 21Shares Spot
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Ark Invest and 21 Shares withdrew their staking plans from their updated spot Ethereum ETF offerings on May 10.

The company’s previous filing on February 7 added a provision detailing the sponsor’s (21 shares) intention to hold a portion of the fund’s assets as equity through a third-party provider.

21 shares expected to receive ETH as staking rewards and planned to treat the profits as income generated by the fund. The document acknowledged the risks that may arise from staking, including losses due to fine cuts during bonding and unbonding and funds becoming inaccessible.

The relevant section has been removed in the latest submission. We maintain a broader opinion, including the potential losses other validators may incur due to staking and the impact of staking on the price of ETH.

Bloomberg ETF analyst Erich Balchunas suggested the change may be an attempt to shape the application documents “based on SEC comments,” but noted that there were no comments on the application. He suggested that the change could act as a “Hail to Our Lady” or simply provide the SEC with less information on which to base a rejection.

SEC decision imminent

The SEC is expected to approve or reject various spot Ethereum proposals within the next two weeks.

Regulators must decide on VanEck’s Spot Ethereum application starting May 23, followed by Ark and 21Shares’ applications on May 24. However, the agency is expected to decide on all similar and competing applications simultaneously.

Expectations for approval are low. Polymarket odds give a 10% chance of a spot Ethereum ETF gaining approval by the end of the month, up slightly from 7% last week.

Some competing applications include similar offers involving ETH staking. Franklin Templeton and Fidelity added staking possibilities to their February filings, and Grayscale added staking possibilities to their March filings.

Mentioned in this article
author

mike dalton

Journalist at CryptoSlate

Before switching to cryptocurrency writing in 2018, Mike studied library and information science. He currently resides on the west coast of Canada.

editor editor

Assad Jafri

Editor and Reporter at CryptoSlate

A passionate journalist since the Arab Spring in Yemen in 2011, AJ has been honing his skills globally for over a decade. Specializing in financial journalism, he currently focuses on cryptocurrency reporting.

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