Cryptocurrencies

Investment giant Fidelity has again updated its fund request

Investment giant Fidelity has once again updated its application for an Ethereum spot trading fund (ETF).

In a June 21 filing with the U.S. Securities and Exchange Commission (SEC), Fidelity amended its registration statement on Form S-1, which is required to register investments for public sale.

The new filing reveals that FMR Capital, a subsidiary of Fidelity, purchased 125,000 shares at a cost of $38 to smooth the basket of funds worth $4.7 million. The funds were used to purchase 1,250 Ethereum (ETH).

Additionally, Fidelity confirmed that it will not co-sign ETH. Staking services were removed from the company’s initial proposal a month ago, on May 21.

“The Fund will not participate in the Ethereum network’s proprietary validation mechanism (i.e. the Fund will not “share” its Ether) to earn additional Ether or seek other means of generating income from its holdings in Ether”, we can read. Deposit.

The SEC approved a rule change allowing the listing and trading of eight Ethereum ETFs from major asset managers, including VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy and Bitwise. ETFs still require SEC approval for their S-1 forms before they can begin trading.

Related: SEC to abandon Ethereum probe – Consensys

Source: Street Insider

More asset managers are expected to adjust their disclosures on June 21, according to Bloomberg analyst Eric Balchunas. The analyst expects the funds to launch on July 2. Balchunas wrote on X:

“We will see a number of amended S-1 applications filed today, possibly later this afternoon. The ball is then in the SEC’s court to notify issuers of any final and effective changes (also called final approval). We are staying the course, with July 2 being the launch date of our over/under ETFs for eth.

Bitwise also updated its proposal to the Securities and Exchange Commission. On June 19, the asset manager included a potential $100 million investment in an exchange-traded fund (ETF) from Pantera Capital during the commercial launch.

Hashdex is another asset manager seeking regulatory approval. On June 18, the company proposed creating a joint spot investment fund for Bitcoin (BTC) and Ethereum on the Nasdaq exchange. A few weeks before this filing, Hashdex abandoned its plans to offer a single ETF.

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