Asset managers update proposals for Ether ETFs, eyeing July launch


Several asset managers submitted revised proposals for an Ethereum exchange-traded fund (ETF) to the United States Securities and Exchange Commission on June 21.

VanEck, BlackRock, Grayscale and Invesco Galaxy Digital released an updated S-1 Registration Statement following the close of the markets on Friday. Earlier in the day, Fidelity also filed a new S-1 form with the regulator.

VanEck’s filing revealed a 0.20% management feed on its Ethereum fund, which is aligned with competitors such as Franklin Templeton, with 0.19% management fees. BlackRock has yet to announce how much its iShares Ethereum Trust (ETHA) will charge investors for management.

According to Bloomberg analyst Eric Balchunas, VanEck’s fee adds “a touch of pressure on BlackRock to stay under the 30bps at least.”

Previous amendments were submitted to the Commission over the past weeks. The S-1 approval is one of the last steps before the funds’ debut on Wall Street exchanges. Balchunas predicts the funds will launch in the first week of July, just before the U.S. Independence Day holiday.

Related: SEC to drop investigation into Ethereum — Consensys

The SEC approved in May a rule change that allowed major asset managers to list and trade eight spot Ether ETFs, including VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise.

Fidelity’s updated filing disclosed a seeding of $4.7 million at $38 per share by FMR Capital, one of its affiliates. Bitwise updated its ETF proposal with the SEC on June 19, including a potential $100 million investment from Pantera Capital at the trading launch of the ETF.

Additionally, Hashdex is pursuing regulatory approval for a new ETF combining spot Bitcoin (BTC) and Ether. A few weeks ago, Hashdex abandoned its plans to launch an ETF dedicated to Ether.

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