Asset
management
firm
Fidelity
has
made
further
amendments
to
its
application
for
an
Ethereum
(ETH)
spot
exchange-traded
fund
(ETF).
This
move
comes
as
the
investment
giant
and
other
applicants
await
the
green
light
from
the
Securities
and
Exchange
Commission
(SEC)
to
commence
ETH
ETF
trading
in
the
United
States.
Fidelity
Updates
S-1
Form
–
What’s
New?
On
Friday,
June
21,
Fidelity
amended
its
Form
S-1
Registration
Statement
with
the
SEC.
This
S-1
form
is
required
to
register
the
Ether
exchange-trading
fund
for
public
sale.
According
to
the
latest
filing,
FMR
Capital,
an
affiliate
of
Fidelity,
purchased
125,000
shares
at
a
price
of
around
$38
to
seed
the
funds’
basket
with
$4.7
million.
The
filing
then
revealed
that
the
Trust
acquired
1,250
Ether
tokens
using
the
proceeds
of
the
Seed
Baskets.
Furthermore,
Fidelity
confirmed
that
it
will
not
participate
in
Ethereum
staking,
as
initially
revealed
in
late
May.
The
filling
read:
The
Trust
will
not
participate
in
the
proof-of-stake
validation
mechanism
of
the
Ethereum
network
(i.e.,
the
Trust
will
not
“stake”
its
ether)
to
earn
additional
ether
or
seek
other
means
of
generating
income
from
its
ether
holdings.
Notably,
there
was
still
no
mention
of
fees
in
Fidelity’s
amended
S-1
form,
which
has
been
a
common
feature
in
the
application
of
the
other
ETF
issuers.
Bloomberg
ETF
expert
Eric
Balchunas
discussed
the
fee
situation
in
a
post
on
X,
saying
it
is
likely
the
issuers
are
waiting
till
the
last
minute
or
on
Blackrock
before
deciding
their
fees.
It
is
worth
mentioning
that
BlackRock
has
also
updated
its
S-1
form,
reporting
a
seed
capital
of
around
$10
million.
However,
the
asset
management
behemoth
did
not
disclose
any
fees
on
its
ETH
spot
ETF.
BlackRock
is
in..
no
fee
posted
but
they
did
report
seeding
with
$10m
(altho
I
think
that
may
have
been
known
already
in
prev
filing).
Anyway
that’s
basically
a
wrap.
Ball
in
SEC’s
court
now.pic.twitter.com/nbYoJo8Xj4
—
Eric
Balchunas
(@EricBalchunas)June
21,
2024
Analyst
Double
Down
On
ETF
Launch
Date
In
another
post
on
the
X
platform,
Balchunas
revealed
nothing
significant
has
occurred
to
change
his
prediction
on
the
launch
date
of
the
Ethereum
spot
ETFs.
According
to
the
Bloomberg
expert,
July
2,
2024,
remains
the
expected
date
for
these
funds
to
begin
trading
in
the
United
States.
Next
step:
we
will
see
a
bunch
of
amended
S-1s
filed
today,
prob
later
this
afternoon.
Then
ball’s
in
SEC’s
court
to
let
issuers
know
about
any
final
changes
and
effectiveness
(aka
final
approval).
We
holding
the
line
with
July
2nd
as
our
over/under
for
eth
ETFs
launch
date.https://t.co/EmqCVsE0Qe
—
Eric
Balchunas
(@EricBalchunas)June
21,
2024
Balchunas
mentioned
that
following
the
latest
round
of
S-1
amendments,
the
SEC
will
have
to
decide
the
next
course
of
action.
“Then
the
ball’s
in
SEC’s
court
to
let
issuers
know
about
any
final
changes
and
effectiveness
(aka
final
approval),”
the
ETF
analyst
said.
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