Cryptocurrencies

Several asset managers have submitted revised proposals for an Ethereum ETF

Several asset managers submitted revised proposals for an Ethereum exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission on June 21.

VanEck, BlackRock, Grayscale and Invesco Galaxy Digital issued an updated S-1 registration statement after markets closed Friday. Earlier today, Fidelity also filed a new Form S-1 with the regulator.

VanEck Files revealed a management fee of 0.20% for its Ethereum fund, which is in line with competitors like Franklin Templeton, with a management fee of 0.19%. BlackRock has not yet announced how much the iShares Ethereum Trust (ETHA) will charge investors for management.

According to Bloomberg analyst Eric Balchunas, VanEck’s fees add “a touch of pressure on BlackRock to stay below at least 30 basis points.”

The previous changes were submitted to the Authority in recent weeks. S-1 approval is one of the final steps before funds debut on Wall Street exchanges. Balchunas expects the boxes to launch during the first week of July, just before Independence Day in the United States.

Related: SEC to abandon Ethereum probe – Consensys

The Securities and Exchange Commission in May approved a rule change allowing major asset managers to list and trade eight Ethereum ETFs, including VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy and Bitwise.

Fidelity’s updated filing revealed a $4.7 million investment at $38 per share by FMR Capital, one of its subsidiaries. Bitwise updated its ETF proposal to the SEC on June 19, including a potential $100 million investment from Pantera Capital during the ETF’s commercial launch.

Additionally, Hashdex is seeking regulatory approval for a new ETF combining spot Bitcoin (BTC) and Ethereum. A few weeks ago, Hashdex abandoned its plans to launch an ETF dedicated to Ethereum.

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