An exciting development is taking place for investors looking to invest in cryptocurrencies in the United States. The final approval process for Spot Ethereum ETFs is progressing rapidly. With the completion of applications submitted by eight different organizations, all eyes are now on the Securities and Exchange Commission (SEC).
Prominent names include BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares and Invesco. These entities have completed the deficiencies in their S-1 forms for Spot Ethereum ETFs and submitted their updated applications to the SEC. Details such as management fees and initial investments were particularly emphasized. So far, Franklin Templeton and VanEck have announced annual management fees of 0.19% and 0.20%, respectively.
Bloomberg senior ETF analyst Eric Balchunas notes that VanEck's low fee could lead to competition in the market, and thinks other companies like BlackRock will also be under pressure to keep their fees below 0.30%. Last month, the SEC approved the 19b-4 forms required for these ETFs. However, S-1 forms must also be approved before trading can begin.
In their applications, some companies also disclosed the initial capital they spent to initiate investments. For example, 21Shares US LLC, sponsor of the 21Shares Core Ethereum ETF, made an initial investment of $340,739 by purchasing 20,000 shares. Franklin Templeton $100,000, Invesco Ltd. made an initial investment of $100,000 for the Invesco Galaxy Ethereum ETF. BlackRock, on the other hand, attracted attention with a previously known high initial investment of $10 million. These investments demonstrate the commitment of the issuing institutions to the funds and play an important role in providing the liquidity necessary for the start of trading.
The market is eagerly awaiting the SEC's final decision. The SEC goes through a rigorous review process to ensure that all information is fully presented and regulatory procedures are completed. While some speculation has mentioned the possibility of a July 2 launch, investors are awaiting the final SEC decision.
These developments are considered an important step following the approval of Spot Bitcoin ETFs in January. After management fees on spot Bitcoin ETFs ranged from 0.21% to 0.39%, similar lower fees were expected to be applied to Ethereum ETFs. The fees announced by Franklin Templeton and VanEck show that price wars are taking place to offer investors more attractive options.
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