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20/06/24
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Bitwise Amends Spot ETH ETF S-1 Registration Statement
On June 18, a filing by asset management company Bitwise with the U.S. Securities and Exchange Commission (SEC) shows that its spot Ether exchange-traded fund (ETF) Form S-1 registration statement has been revised to include a potential $100 million investment.
The potential investment is expected to materialize after the ETF launches. According to the revised statement, investment company Pantera Capital Management “has indicated an interest in purchasing an aggregate of up to $100 million of Shares” in the ETF.
“However, because indications of interest are not binding agreements or commitments to purchase, these potential purchasers could determine to purchase more, fewer or no Shares,” reads the filing.
This comes after the commission approved SEC 19b-4 filings from eight applicants proposing to list and trade spot ETH ETFs. However, they are still waiting for the commission to approve their Form S-1 statements before they can start trading ETFs on United States exchanges.
Seven days ago, SEC chair Gary Gensler said “the Ethereum exchange-traded product of filings that were in front of us from stock exchanges — I think there were eight or nine of them — were all jointly approved. Individual issuers still are working through the registration process that’s working smoothly, and I would envision sometime over the course of this summer…”
Participants within the crypto space believe that the approval will happen soon as Ethereum developer Consensys revealed that the commission is ending its investigation into Ethereum 2.0, noting that “this means that the SEC will not bring charges alleging that sales of ETH are securities transactions.”
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