Fidelity has again revised its application for a spot Ether exchange-traded fund (ETF).
Fidelity has amended its Form S-1 Registration Statement, which is necessary to register investments for public sale, under a filing with the U.S. Securities and Exchange Commission (SEC) on June 21.
The new filing indicates that FMR Capital, an affiliate of Fidelity, acquired 125,000 shares for $38 to provide the funds’ portfolio with $4.7 million. We utilized the funds to acquire 1,250 Ether.
Fidelity has also clarified that it will not participate in ETH speculation. On May 21, the company eliminated stake services from its initial proposal.
The filing states that the Trust will not engage in the proof-of-stake validation mechanism of the Ethereum network, which involves “staking” its ether to earn additional ether or pursue alternative methods of generating income from its ether holdings.
The SEC has approved a rule change that will enable the listing and trading of eight spot Ether ETFs from prominent asset managers, including VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. Before the ETFs can commence trading, they must still obtain SEC approval for their S-1 forms.
Eric Balchunas, an analyst at Bloomberg, anticipates that an increasing number of asset managers will revise their filings on June 21. On July 2, the analyst predicts that the funds will debut. Balchunas composed the following on X:
“We will see a bunch of amended S-1s filed today, prob later this afternoon. Then ball’s in SEC’s court to let issuers know about any final changes and effectiveness (aka final approval). We holding the line with July 2nd as our over/under for eth ETFs launch date.”
Additionally, the SEC has received an updated proposal from Bitwise. Upon the ETF’s trading launch on June 19, the asset manager incorporated a prospective $100 million investment from Pantera Capital.
Hashdex is an additional asset manager in the process of obtaining regulatory sanction. The company proposed the establishment of a combined spot Bitcoin (BTC) and Ether ETF on the Nasdaq exchange on June 18. Hashdex abandoned its intention to provide a single Ether ETF just a few weeks before this filing.
