Coin Edition -
- According to James Seyffart, VanEck has submitted an updated S-1A for their spot Ethereum ETF filing.
- VanEck’s objective is to reflect the performance of ETH’s price, less the expenses of the Trust’s operations.
- Bloomberg’s Eric Balchunas highlighted that ARK Invest has filed a new 19b-4 with new analyses.
According to James Seyffart, the renowned Bloomberg analyst, VanEck, a famous American investment management firm, has submitted an updated S-1A for their spot Ethereum ETF filing. In a post on X (formerly Twitter), Seyffart shared excerpts of the updated filing, highlighting VanEck’s objectives for an Ethereum ETF.
Just had @vaneck_us submit an updated S-1A for their spot #Ethereum ETF filing. pic.twitter.com/eHn3iCYuQu— James Seyffart (@JSeyff) February 16, 2024
As indicated in Seyffart’s post, a portion of the updated filing stated that the Trust’s investment objective is to reflect the performance of ETH’s price, less the expenses of the Trust’s operations. It further noted that the Trust will hold ETH and value its shares daily based on the reported market vector.
Another renowned Bloomberg ETF analyst, Eric Balchunas, replied to Seyffart’s post by citing another Ethereum ETF filing by an alternative investment management company, ARK Invest (ARK). According to Balchunas, ARK filed a new 19b-4 with new analyses.
ARK filed for a proposed rule change to list and trade shares of the ARK/21Shares Ethereum ETF under the BZX Rule covering Commodity-Based Trust Shares. A segment of the filing highlighted the major participants, including Delaware Trust Company, as the trustee.
According to ARK, the Bank of New York Mellon will be the Trust’s administrator and transfer agent and Foreside Global Services LLC will serve as its marketing agent, in connection with the creation and redemption of “Baskets” of Shares.
Furthermore, ARK noted that ARK Investment Management LLC will remain the sub-adviser of the Trust and will provide data, research, and as needed, operational support to the Trust, including the marketing of the Shares. The Trust will use the Coinbase (NASDAQ:COIN) Custody Trust Company, LLC, as a custodian for holding the Trust’s ETH.
It is important to note that Balchunas observed that the ETF filings will still undergo scrutiny by the U.S. Securities and Exchange Commission (SEC). Only after the scrutiny before the public know how close it is to realizing an Ethereum ETF.
The post Ethereum ETF Heats Up With Updated Filings By VanEck and ARK Invest appeared first on Coin Edition.