Asset management company Fidelity has made further changes to its application for Ethereum (ETH) Spot Exchange Traded Fund (ETF). The move comes as the investment giant and other applicants await the green light from the Securities and Exchange Commission (SEC) to begin trading ETH ETFs in the United States.
Fidelity Update Form S-1 – What’s New?
Friday June 21 loyalty has 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 last deposit, FMR Capital, a subsidiary of Fidelity, bought 125,000 shares at a price of about $38 to fill the fund’s basket of $4.7 million. The filing then revealed that the Trust acquired 1,250 Ether tokens using proceeds from the seed baskets.
Additionally, Fidelity confirmed that it will not participate in Ethereum staking, as initially revealed in late May. The filling said:
The Trust will not participate in the Ethereum network’s proof-of-stake validation mechanism (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 Form S-1, which was a common feature in other ETF issuers’ applications. Bloomberg ETF expert Eric Balchunas discussed the fee situation in an article on
It is worth mentioning that BlackRock also updated its Form S-1, reporting seed capital of approximately $10 million. However, the asset management giant has not disclosed any fees on its spot ETH ETF.
BlackRock is in…no fees shown, but they did report a $10 million seed round (although I think this may have already been known in the previous filing). Anyway, that’s basically a summary. The ball is in the SEC’s court now. pic.twitter.com/nbYoJo8Xj4
– Eric Balchunas (@EricBalchunas) June 21, 2024
Analyst doubles down on ETF launch date
In another post on Platform X, Balchunas revealed that nothing significant has happened to change his prediction on the launch date of Ethereum spot ETFs. According to the Bloomberg expert, the date of July 2, 2024 remains the predicted date for these funds to begin trading in the United States.
Next up: We’ll see a bunch of amended S-1s filed today, probably later this afternoon. The ball is then in the SEC’s court to notify issuers of any final changes and their effectiveness (i.e. final approval). We are holding the line with July 2 as the plus/minus launch date for eth ETFs. 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 is in the SEC’s court to notify issuers of any final changes and their effectiveness (i.e. final approval),” the ETF analyst said.
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