On June 21, several asset managers, including VanEck, BlackRock, Grayscale, and Invesco Galaxy Digital, submitted revised proposals for an Ethereum exchange-traded fund (ETF) to the United States Securities and Exchange Commission (SEC).
These asset managers released updated S-1 Registration Statements after the market closed on Friday, following Fidelity’s new S-1 form submission earlier in the day.
VanEck’s filing disclosed a 0.20% management fee for its Ethereum fund, aligning it with competitors like Franklin Templeton, which charges 0.19%.
BlackRock has not yet revealed the management fee for its iShares Ethereum Trust (ETHA). Bloomberg analyst Eric Balchunas noted that VanEck’s fee adds “a touch of pressure on BlackRock to stay under the 30bps at least.”
The recent filings follow several previous amendments submitted to the SEC in recent weeks.
The approval of the S-1 forms is one of the final steps before these funds can debut on Wall Street exchanges.
Balchunas predicts the ETFs will launch in the first week of July, just before the U.S. Independence Day holiday.
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In May, the SEC approved a rule change permitting major asset managers to list and trade eight spot Ether ETFs.
This approval included firms like VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise.
Fidelity’s updated filing revealed that FMR Capital, an affiliate, seeded $4.7 million at $38 per share.
Bitwise also updated its ETF proposal with the SEC on June 19, indicating a potential $100 million investment from Pantera Capital at the ETF’s trading launch.
Additionally, Hashdex is seeking regulatory approval for a new ETF combining spot Bitcoin and Ether. This comes after Hashdex recently abandoned its plans to launch an ETF solely dedicated to Ether.
These filings reflect a growing interest in Ethereum ETFs, highlighting the competitive landscape among asset managers and the anticipation of these funds’ impact on the market once approved.
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