Fidelity has amended its S-1 filing for its spot Ethereum ETF, according to a document filed with the U.S. Securities and Exchange Commission (SEC) on Friday.
The asset management company has filed its first amended S-1 registration statement with the SEC, kicking off what ETF analysts say could be a busy day for companies seeking to secure approval to list a spot Ether ETF.
Edit Fidelity’s S-1 filing
Fidelity’s filing disclosed an initial investment of $4.7 million in the ETF, with affiliate FMR Capital purchasing 125,000 shares to seed the fund’s basket. The company said in the filing that FMR acquired 125,000 shares at $38 per share and used the proceeds to purchase 1,250 Ether.
Fidelity disclosed seed capital for its Ether spot ETF, but did not include fees. Eric Balchunas, senior ETF analyst at Bloomberg, says this could become a “waiting” game as issuers gauge what others are offering.
“Fidelity has launched the S-1-athon. Fees are not yet included (Franklin has only received one fee so far at 19 bps). Bitwise is also not included. Everyone will be waiting until the last minute and/or for BlackRock to reveal what they need to get back on track,” he posted on X.
Ahead of the SEC’s approval of spot Bitcoin ETFs last January, issuers attempted to take advantage by unveiling very low fees. Grayscale, which has set fees at 1.5%, has seen massive outflows from its GBTC spot Bitcoin ETF.
No staking
In the update, Fidelity also confirmed that the asset manager’s ETF will not include staking. In a proof-of-stake mechanism, ETH holders can lock up their assets to participate in transaction verification and earn staking rewards in return.
The company’s initial filing in March specified the inclusion of staking, but the May update removed it.
When will the spot Ether ETF start trading?
The SEC approved a spot Ethereum ETF last May and approved applications from Fidelity, BlackRock, VanEck, Grayscale, Invesco Galaxy, Franklin Templeton, ARK 21Shares, and Bitwise.
However, approval of the 19b-4s form is only the first step and approval of the S-1 must occur before the ETF can reach the exchanges for trading. In recent comments, SEC Chairman Gary Gensler told lawmakers he expects the commission to approve the S-1 “in the summer.”
Analysts believe it could be as early as July, and Bloomberg’s Balchunas noted the launch date could be as early as July 2.