Spot Ethereum ETF Nears Launch As Issuers Submit Amended Filings
Several asset managers have submitted amended filings to the SEC for the spot Ethereum ETFs. VanEck submitted an amended registration statement for its spot Ethereum ETF, now rebranded as The VanEck Ethereum Trust. Following closely, 21Shares filed a new registration for its spot Ethereum ETFs. Grayscale also joined the fray with two amended filings: one for its $28 billion Grayscale Ethereum Trust and another for a more cost-effective "mini" ETF.
The wave of filings continued with Franklin Templeton, Fidelity, and BlackRock each submitting their own amended filings for spot Ethereum ETFs. Notably, none of the filings disclosed planned fees, a detail that Bloomberg ETF analyst Eric Balchunas noted the SEC has not yet required. Balchunas suggested that another round of updates including fees is expected before final approvals, predicting a potential approval date around July 18th.
VanEck's amended registration statement saw some regulatory language regarding custody removed. This deleted section had previously described how Ethereum withdrawals would be processed through the entity designated to safeguard assets for the fund. These changes mirrored adjustments made by Bitwise the previous week, which included details on the SEC's stance regarding compliance in the crypto market.
VanEck’s filing also highlighted Gensler's call for federal legislation focused on digital asset trading to prevent transactions, products, and platforms from "falling between regulatory cracks." Similarly, 21Shares’ amended filing included disclosure language on the SEC’s regulatory efforts.
Despite the SEC approving several key filings for spot Ethereum ETFs in May, the regulator still needs to approve S-1 forms from eight asset managers. Gensler has previously stated that the approval process hinges on asset managers' ability to provide full disclosures.