- Before the anticipated approvals for spot Ethereum ETFs, VanEck files an amended prospectus.
The Securities and Exchange Commission (SEC) received an updated S-1 registration statement from wealth management VanEck in support of its proposal to introduce an Ethereum (ETH) ETF that tracks spot prices. The file was sent ahead of the Monday deadline set by the securities regulator for all issuers to submit revised paperwork.
VanEck joined Bitwise, a fellow cryptocurrency ETF manager that on July 3 filed its S-1. By the end of the day, additional companies are anticipated to submit revised packages. An analyst for Bloomberg observed that VanEck’s filing only revealed minor modifications and was a formality to follow protocol.
A large portion of each company’s spot Ethereum ETF information, including a fee waiver at first, has already been made public.
Ethereum ETFs are expected to launch the following week
The SEC must approve the proposed rule modifications in 19b-4 forms and S-1s that permit businesses to list ETF shares on approved national exchanges before spot Ether ETFs can start trading.
Bitwise and VanEck were among the eight 19b-4 forms submitted by potential spot ETH ETF issuers that the agency accepted in May. This fulfilled the initial phase of a two-stage procedure and increased assurance that these Ethereum investment vehicles will soon be available.
Additionally, according to CNBC, trading might start as late as next week, giving the product’s launch a two-week window to coincide with SEC chair Gary Gensler’s statements. According to Gensler’s testimony before a Senate committee, this summer is most likely when spot ETH ETFs will debut.
Despite a recent market downturn, spot Bitcoin (BTC) ETFs began in January, sending the cryptocurrency to an all-time high and growing over 33% year to date.
There are now many conjectures regarding a comparable pricing trend for Ethereum, and spot ETH ETFs appear to be imminent. On the one hand, supporters such as Carlos Mercado, the data scientist of Flipside Crypto, believe that an institutional wrapper might be harmful to DeFi’s biggest cryptocurrency, which is Bitcoin.
On the other hand, institutional demand will eventually drive up ETH prices and directly result in a larger dividend, according to SCRYPT CEO Norman Wooding, who spoke with crypto.news. A month later, Ethereum has lost more than 18% of its value as a result of a general market downturn.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
