Key Points:
Bloomberg analyst Eric Balchunas reported that the spot Ethereum ETF applicants, including Bitwise, Fidelity, VanEck, Franklin, 21Shares, Grayscale, BlackRock, and Invesco, updated their S-1 documents. Grayscale also filed an amended S-3 registration for its Ethereum Trust and an additional S-1 statement for its mini Ethereum Trust.
Key details from the filings include Fidelity’s seed investment of $4.7 million and BlackRock’s $10 million. Franklin Templeton disclosed a 0.19% sponsor fee, waived for the first $10 billion in assets for six months, while VanEck disclosed a 0.20% fee, waived for the first $1.5 billion in assets until an unspecified date in 2025. Bitwise, which filed its S-1 draft and launched an Ethereum ad earlier in the week, did not include a sponsor fee in its filing.
Balchunas suggested that positioning Ethereum as a “decentralized internet for decentralized applications” could attract traditional investors who are uncomfortable with Big Tech’s control. He also noted that while fees are currently omitted, this is likely temporary, with updates expected closer to the launch date.
The crypto community is hopeful for an imminent approval, projecting it could happen within the next three weeks or by July 2. This optimism follows the SEC’s decision to drop its 14-month investigation into Ethereum 2.0, marking a significant milestone for the cryptocurrency’s regulatory clarity.
In related news, Standard Chartered plans to open a spot trading desk in London for Ethereum and Bitcoin, making it one of the first global banks to offer spot Ether trading as part of its FX trading unit.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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