ETHER ETFs to Launch in Early July?

Several asset managers have submitted revised proposals for an Ethereum exchange-traded fund (ETF) to the United States Securities and Exchange Commission (SEC) as of June 21. Notable firms such as VanEck, BlackRock, Grayscale, and Invesco Galaxy Digital updated their S-1 Registration Statements after the markets closed on Friday. Earlier in the day, Fidelity also filed a new S-1 form with the SEC.

VanEck’s filing disclosed a 0.20% management fee for its Ethereum fund, which is competitive with other firms like Franklin Templeton, which charges 0.19% management fees. BlackRock has not yet announced the management fee for its iShares Ethereum Trust (ETHA). Bloomberg analyst Eric Balchunas noted that VanEck’s fee puts “a touch of pressure on BlackRock to stay under the 30bps at least.”

Previous amendments to these proposals were submitted to the SEC in recent weeks. The approval of the S-1 is one of the final steps before these funds can debut on Wall Street exchanges. Balchunas predicts that these funds will launch in the first week of July, just before the U.S. Independence Day holiday.

In May, the SEC approved a rule change allowing major asset managers to list and trade eight spot Ether ETFs, including those from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise.

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

Additionally, Hashdex is seeking regulatory approval for a new ETF that combines spot Bitcoin and Ether. A few weeks ago, Hashdex abandoned its plans to launch an ETF solely dedicated to Ether.