VanEck files amended prospectus ahead of expected approvals for ethereum spot ETFs.
VanEck Asset Manager sent an updated S-1 registration statement with the Securities and Exchange Commission (SEC) for its initial public offering of an ethereum (eth) ETF that tracks spot prices. The filing was submitted ahead of the securities regulator’s deadline for all issuers to provide amended documents by Monday.
VanEck joined Bitwise, another cryptocurrency ETF manager, in filing its S-1 on July 3. Other firms are expected to submit amended packages before the end of the day. A Bloomberg analyst noted that VanEck’s filing revealed minimal changes and was simply a formality to comply with the procedure.
Both companies have already revealed much of the details of their respective ethereum spot ETFs, including an initial fee waiver.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter“>
ethereum spot ETFs are likely to debut next week.
For spot Ether ETFs to begin trading, the SEC must greenlight proposed rule changes to Forms 19b-4 and S-1 that allow entities to list ETF shares on authorized national exchanges.
In May, the agency approved eight Form 19b-4s filed by potential spot eth ETF issuers, including Bitwise and VanEck. This completed the first part of a two-step process and fueled confidence that these ethereum investment vehicles were imminent.
CNBC Trading was also reported to be starting as early as next week, creating a two-week window for the product’s debut, which coincides with comments from SEC Chairman Gary Gensler. Gensler testified before a Senate committee that spot eth ETFs would likely launch this summer.
Following the launch of bitcoin (btc) spot ETFs in January, the cryptocurrency hit an all-time high and has grown more than 33% year-to-date despite a recent market crash.
Speculation is currently rife around a similar price pattern for ethereum, and it seems that eth spot ETFs are just around the corner. On the one hand, proponents like Flipside crypto data scientist Carlos Mercado assume that an institutional wrapper could be detrimental to the most important DeFi coin after bitcoin.
On the contrary, SCRYPT CEO Norman Wooding told crypto.news that institutional demand will directly lead to higher yields and catalyze higher prices for eth in the long run. ethereum had lost over 18% of its value in a month due to a widespread market crash.
<img loading="lazy" decoding="async" width="1024" height="552" src="https://crypto.news/app/uploads/2024/07/Screenshot-543-1024×552.png” alt=”VanEck Files Updated Offering for a Spot ethereum ETF – 1″/>
<script async src="//platform.twitter.com/widgets.js” charset=”utf-8″>
