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- Eight spot Ethereum ETF applicants, including Fidelity and VanEck, have updated their S-1 documents.
- Franklin set its fees at 0.19%, while VanEck announced a 0.2% fee for its spot Ethereum ETF.
- BlackRock disclosed a $10 million seed investment in its spot Ethereum ETF.
Bitwise, BlackRock, Fidelity, Franklin Templeton, Grayscale, Invesco, VanEck, and 21Shares have all submitted updated filings for their spot Ethereum exchange-traded fund (ETF) applications, marking a significant step forward in the race for regulatory approval from the U.S. Securities and Exchange Commission (SEC).
Documents released by Bloomberg analyst Eric Balchunas show that eight spot Ethereum ETF applicants, including Bitwise, Fidelity, VanEck, Franklin, 21Shares, Grayscale, BlackRock, and Invesco, have submitted updated versions of their S-1 documents. Franklin set its fees at 0.19%… https://t.co/bal52OEs6C— Wu Blockchain (@WuBlockchain) June 22, 2024
Bloomberg ETF analyst Eric Balchunas highlighted this development, noting that the SEC is now reviewing the documents for final changes before granting approval. Balchunas predicts a potential launch date for these ETFs around July 2nd.
Bloomberg ETF analyst Eric Balchunas: We will see a bunch of amended ETH ETF S-1s filed today, or maybe later this afternoon. Then ball's in SEC's court to let issuers know about any final changes and effectiveness (final approval). We holding the line with July 2nd as our…— Wu Blockchain (@WuBlockchain) June 21, 2024
In their updated filings, several firms revealed competitive management fees, aiming to attract investors to their prospective ETFs. Franklin Templeton has set its fees at 0.19%, a rate established last month, while VanEck announced fees of 0.2%. These moves position both firms as cost-effective options in the emerging spot Ethereum ETF market.
BlackRock, the world’s largest asset manager, has further signaled its commitment to the space with a $10 million seed investment in its proposed spot Ethereum ETF. This substantial investment underscores BlackRock’s confidence in the future of Ethereum-based financial products and its ambition to be a dominant player in the burgeoning crypto ETF market.
These updates reflect a broader effort by these financial giants to secure a competitive advantage in the cryptocurrency market. Each firm is vying for a favorable position by offering attractive fees and demonstrating substantial investment commitments.
With the updated documents submitted to the SEC, the regulatory body will now provide feedback, determining the final adjustments needed before these ETFs can be approved and launched. The updates demonstrate the firms’ readiness to meet regulatory requirements and their anticipation of a positive outcome.The potential approval of these spot Ethereum ETFs represents a watershed moment for the cryptocurrency industry, signaling a growing acceptance of digital assets by traditional financial institutions. Should the SEC give the green light, these ETFs could pave the way for increased institutional investment in Ethereum, further legitimizing its role in the global financial landscape.
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