VanEck files S-1 registration for its Ethereum spot ETF – DiarioBitcoin
By Hannah Perez
Last week, Bitwise also filed its updated S-1 form with the SEC. The first U.S. spot Ethereum ETFs are expected to launch in the coming weeks.
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- Countdown to US Spot Ethereum ETFs
- VanEck files updated S-1 form with SEC
- Last week, Bitwise followed suit and other issuers are expected to follow suit.
- The official launch is likely to happen in the next few weeks, analysts say
Asset managers are reaching the final stretch for the official launch of the first exchange-traded funds (ETFs) of Ethereum in cash in the United States.
VanEcka well-known investment fund manager, filed an S-1 registration for its ETF application on Monday. Ethereum with the U.S. Securities and Exchange Commission (SEC). In particular, the company filed key amendments to its S-1 form, which represents one of the final steps toward debuting on stock exchanges.
According to the preliminary prospectus, the proposed ETF of VanEck would operate in the Cboe BZX Exchange under the ticker symbol “ETHV”. The fund aims to reflect the price performance of Ethereumholding funds in that cryptocurrency and allowing only cash creations and redemptions by authorized participants.
The fund will not participate in staking (betting) of ETH or any other income-generating activity, the document details.
ETF issuers are finalizing the details to launch funds with direct exposure to the second-largest cryptocurrency after the regulator approved Forms 19b-4 for such products in May. The SEC specifically approved eight ETF proposals based on the cryptocurrency. Ethereumand the S-1s are still missing for the official debut.
Last week, Bitwise did the same and filed its updated S-1 registration with the regulatory agency.
According to ETF analyst BloombergErich Balchunas, this last movement of VanEck should be followed quickly by similar filings from other issuers within the day, except for those that have already filed such forms.
For his part, Nate Geraci, president of ETF Storewho noted the recent move, noted that with the changes, institutions could be preparing for a possible launch in one to two weeks.
However, an official launch timeline remains uncertain, with some analysts estimating it could happen in the coming weeks before the start of August, and others being less optimistic.
VanEckwhich already offers an ETF of Bitcoin in the US and recently launched one in Australia, recently took the initiative to propose an ETF based on Solarium in the US market. US regulators have not yet commented on that application, and its approval is even more uncertain than that of the US ETFs. Ethereum.
Meanwhile, market participants are waiting for the official debut of products based on Ether (ETH), a milestone they hope will push the second-largest cryptocurrency’s choppy price higher. ETH has been trading lower amid a broader correction in the cryptocurrency market that has seen Bitcoin fall to 5-month lows.
ETH fell below $3,000 this morning amid a 14% loss on the week. At the time of writing, it is trading around $2,980, according to CoinMarketCap.
Article by Hannah Estefanía Pérez / Bitcoin Diary
Picture of Unsplash
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