Blackrock updates S-1 filing for Ethereum ETF, marking step toward launch


BlackRock
amended
the
S-1
registration
statement
for
its
spot
Ethereum
ETF
in
a
May
29
filing,
marking
a
step
toward
approval.

The
filing
builds
on
BlackRock’s
original
registration
statement,
which
was
initially
filed
in
November
2023.

Bloomberg
ETF
analyst

James
Seyffart
called
the
filing
a
step
toward
launch
after
the
SEC
approved
19b-4
listing
rule
changes
on

May
23.

He
said:

 “This
is
almost
certainly
the
engagement
we
were
looking
for
…”

Seyffart
reaffirmed
his
belief
that
the
S-1
statements
could
gain
approval
in
the
coming
weeks,
leading
to
spot
Ethereum
ETF
launches,
but
admitted
that
the
“norm
is
months.”

How To Get Free Crypto  

Placeholder
data
filled

The
S-1
filing
fills
several
placeholder
fields,
including
details
about
seed
funding.

According
to
the
filing,
the
fund
has
generated
$10
million
in
proceeds
via
a
seed
capital
purchase
by
BlackRock
Financial
Management
of
400,000
shares
at
$25
per
share.

The
sponsor,
iShares
Delaware
Trust
Sponsor,
may
collect
up
to
$500,000
in
fees
per
annum.
The
latest
filing
does
not
calculate
a
percentage-based
sponsor
fee.

The
trust
will
issue
and
redeem
shares
only
in
blocks
of
40,000.
The
fund’s
ticker
is
ETHA.

Wilmington
Trust,
National
Association
will
act
as
the
Delaware
trustee.

Bank
of
New
York
Mellon
will
act
as
trust
administrator
and
cash
custodian.

In-kind
redemptions
considered

The
new
S-1
also
reintroduces
the
possibility
of
in-kind
creation
and
redemptions,
which
would
allow
for
crypto
rather
than
cash
transactions
among
authorized
participants.

It
acknowledges
that
approval
of
in-kind
transactions
is
not
guaranteed
and
that
timing
is
uncertain.

BlackRock’s
original
S-1
statement
mentioned
the
possibility
of
in-kind
creations
and
redemptions
in
passing.
However,
an
amendment
notice
to
Nasdaq’s
19b-4
filing
in

Coinbase Banner  

April
said
that
authorized
participants
would
rely
solely
on
cash
when
creating
and
redeeming
shares
in
the
fund.

The
latest
S-1
also
explicitly
states
that
BlackRock
will
not
engage
in
ETH
staking,
aligning
with
Nasdaq’s
second
May
22
19b-4
amendment
on
behalf
of
BlackRock.

All

other
ETH
ETF
issuers
have
also
removed
the
possibility
of
staking
from
their
applications.

Mentioned
in
this
article

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Author: Mike Dalton


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