VanEck files S-1 for Ethereum Spot ETF

Asset management company VanEck has officially announced filed an S-1 registration The document submits a form to the U.S. Securities and Exchange Commission (SEC) for a spot ethereum exchange-traded fund (ETF). The filing represents a key step toward the potential launch of the first spot ethereum ETF in the country.

According to the preliminary prospectus, the proposed VanEck ethereum ETF would trade on the Cboe BZX exchange under the symbol “ETHV.”

The fund aims to mirror the price performance of ethereum, minus expenses. According to Bloomberg ETF analyst Erich Balchunas, this move by VanEck should be quickly followed by similar filings from other issuers during the day, except for Bitwise, which already filed its S-1 a week earlier.

The ETF would hold actual ethereum and value its shares daily based on MarketVector’s ethereum benchmark index. This index is calculated using prices from the five major ethereum trading platforms that VanEck considers.

Notably, the filing states that neither the trust nor any associated parties will engage in ethereum staking or other yield-generating activities with the fund’s assets. The ETF would initially only allow for the creation and redemption of cash by authorized participants.

VanEck's filing comes as the cryptocurrency industry awaits SEC approval of the first spot ethereum ETF, which could provide more direct exposure to ethereum's price movements compared to existing futures-based products. ETF analysts such as Nate Geraci estimate that issuers are already “x.com/NateGeraci/status/1810100442388422792″ target=”_blank” rel=”noopener nofollow noreferrer”>Preparing for launch” In the next weeks.

However, the path to approval remains uncertain. To date, the SEC has yet to approve any spot cryptocurrency ETFs, citing concerns about market manipulation and investor protection. The regulator will review VanEck’s application in the coming weeks.

This story is developing and will be updated.