BlackRock, other issuers update S-1 filing for spot Ethereum ETFs, raising expectations for July launch


Seven
spot
Ethereum
ETF
applicants
amended
their
registration
statements
with
the
SEC
on
June
21,
leading
to
increased
expectations
of
a
trading
launch
in
early
July.

Franklin
Templeton,

VanEck,
Invesco
Galaxy,

BlackRock,

21Shares,
and

Fidelity
submitted
updated
S-1
registrations
for
their
respective
funds.

Grayscale
submitted
an
amended
S-3
registration
for
its
Ethereum
Trust
and
an
additional
amended
S-1
statement
for
its
mini
Ethereum
Trust. Bitwise
did
not
amend
its
registration
statement.

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Bloomberg
ETF
analyst
Eric
Balchunas
continued
to
predict
July
2
as
an
over/under
date
for
the
funds’
launch
following
the
latest
filings,
saying:

“Anyway
that’s
basically
a
wrap.
Ball
in
SEC’s
court
now.”

He
also
maintained
his
view
that
Ethereum
ETFs
are
unlikely
to
attract
more
than
20%
of
the
AUM
Bitcoin
ETFs
have
attracted.

Fees
disclosed

Franklin
Templeton
disclosed
a
0.19%
sponsor
fee
in
the
updated
filing.
The
firm
will
waive
the
fee
for
the
first
$10
billion
assets
for
six
months.
Meanwhile, VanEck
disclosed
a
similar
0.20%
sponsor
fee,
which
it
intends
to
waive
for
the
first
$1.5
billion
assets
until
an
unstated
date
in
2025.

Balchunas
believes
the
low
fees
will
pressure
BlackRock
to
announce
sub-30
basis
point
sponsor
fees
for
its
fund
as
well.
Notably,
both
BlackRock
and
Fidelity
have
yet
to
disclose
sponsor
fees
for
their
ETFs.

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Experts
believe
BlackRock’s
fee,
in
particular,
will
be
a
key
detail
that
could
lead
to
heightened
competition
among
the
firms.
Balchunas
said
the
asset
manager’s
fee
is
the
most
important
missing
detail
other
than
the
launch
date.

According
to
the
analyst:

“[BlackRock’s]
fee
is
the
sun
that
the
rest
will
need
to
orbit
around.”

The
launch
of
spot

Bitcoin
ETFs
in
January
notably
led
to
a
“fee
war”
among
issuers,
each
vying
to
offer
competitively
low
fees.
Currently,
spot
Bitcoin
ETF
fees
largely
range
between
0.19%
and
0.39%,
though
Grayscale’s

GBTC
has
a
higher
1.5%
fee.

Seed
investments

Invesco
Galaxy
disclosed
a
$100,000
seed
transaction
on
June
17
in
which
the
seed
investor
purchased
4,000
Shares
at
$25
per
share.

Grayscale
disclosed
a
$100,000
seed
share
purchase
for
its
mini
Ethereum
trust.
On
May
31,
the
sponsor
purchased
10,000
shares
at
$10
per
share.

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Fidelity
said
its
seed
capital
investor,
FMR
Capital,
purchased
125,000
shares
at
$37.99
per
share
on
June
4,
contributing
$4.7
million
to
the
trust.

Meanwhile,
BlackRock
previously
reported
$10
million
in
seed
funding
for
its
ETF.

Mentioned
in
this
article
Posted
In:

Ethereum,

Crypto

Go to Source
Author: Mike Dalton


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