Ethereum spot ETF issuers file S-1 filings with the SEC

23 Jun 2024

In response to the SEC's request, Wall Street giants have all filed additional S-1 filings for Ethereum spot ETF proposals in the past few hours.

In the early morning of June 22, the organizations registering to issue the Ethereum spot ETF, BlackRock, VanEck, Franklin Templeton, Grayscale Investments, Invesco Galaxy and 21Shares, simultaneously submitted S-1 documents to the US Securities Commission (SEC). ), complete the final preparations so that this crypto investment product can be approved and opened for trading on the stock exchange.
Of these, only two organizations have disclosed the fees they will charge investors, including Franklin Templeton's 0.19% and VanEck's 0.2%.

These are all very low fees compared to the general level of the US ETF industry. For comparison, the fees charged by the big guys on the Bitcoin spot ETFs approved last January are only in the range of 0.21% to 1.5%. This will create competitive pressure on other organizations that have not announced their fees.
ETF issuers also announced the available liquidity of ETH ETFs at the time of launch, with 21Shares pre-purchasing $340,000 of its issued shares, while the figure for Franklin Templeton and Galaxy was $100,000. .

Previously on June 19, Bitwise was the first to update its S-1 ETF Ethereum spot filing, with available capital of 2.5 million USD, but further revealed that it had received interest from the Pantera fund. Capital to buy shares with a value of up to 100 million USD.

In the middle of this month, Bloomberg analysts commented that the SEC may allow Ethereum spot ETFs to open trading in early July, based on observations of the situation and the SEC's lack of requirements. amendments to the issuing unit.

However, responding to the media, SEC Chairman Gary Gensler still refused to confirm the specific timing of the Ethereum ETF approval, instead only saying that this product will be accessible to the public within the next 3 months.

Since giving the green light to the Bitcoin ETF, the SEC has continuously maintained an open attitude towards the Ethereum ETF. There are even rumors that the securities commission wants to open an investigation to determine the securities classification for ETH.

However, the SEC completely changed its attitude in May, going from hostile to preliminary approval of Ethereum ETFs, with many speculating that there was influence from the administration of US President Joe Biden in the context of Opponent Donald Trump has continuously used cryptocurrency as a card to attract many voters who are dissatisfied with the way US officials have treated the crypto industry in the past two years.

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