Eight asset management firms have recently updated their applications for Ethereum-based exchange-traded funds (ETFs) in cash. Bitwise, BlackRock, Fidelity, Franklin Templeton, Grayscale, Invesco, VanEck, and 21Shares have all submitted their revised Ethereum ETF filings to the US Securities and Exchange Commission (SEC).
This recent development signifies a crucial milestone in the race for regulatory approval of Ethereum ETFs available in the United States. On May 23, the US SEC approved the 19b-4 forms of eight Ethereum ETF issuers: Grayscale, Bitwise, BlackRock, VanEck, Ark 21Shares, Invesco, Fidelity, and Franklin. However, the Form S-1 filings for these ETFs are still pending SEC approval before product negotiations can commence.
Bloomberg ETF analyst Eric Balchunas highlighted the latest actions by the asset managers, indicating that the regulator is currently reviewing the necessary documents for final changes before granting product approval. According to Balchunas, Ethereum ETFs are expected to launch around July 2, as reported by crypto journalist Wu Blockchain.
Chairman of the SEC, Gary Gensler, recently discussed the promising future outlook for Ethereum ETFs during his testimony at a Senate Appropriations Committee hearing. Gensler expressed optimism regarding the approval of S1 forms, which are required for the launch of Ethereum ETFs, anticipated by next summer.
Fidelity Investments, a major player in the investment sector, made a significant update to its filing for an Ether ETF and announced an initial capital investment of $4.7 million. The modification to Form S-1, crucial for public investment registration, represents a significant step forward for the project. FMR Capital, an affiliate of Fidelity, purchased 125,000 shares at $38 each, totaling the initial investment amount used to acquire 1,250 units of Ether to support the fund’s assets.
Please note that the opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.