Bitwise, an asset management firm, has recently made revisions to its Form S-1 registration statement for a spot Ether (ETH) exchange-traded fund (ETF). The updated statement includes the possibility of a $100 million investment in the ETF upon its launch for trading.
In a filing with the United States Securities and Exchange Commission (SEC) on June 18, Bitwise disclosed that investment firm Pantera Capital Management has expressed interest in purchasing up to $100 million worth of Shares in the Ether ETF. However, these indications of interest are not binding commitments to buy, so the actual amount of Shares purchased may vary.
A Form S-1 is a crucial document submitted to the SEC before a security can be traded publicly. It provides detailed information on financials, operations, and risk analysis, among other things.
These filings are the final step in the approval process for the spot Ether ETFs to be listed for trading on U.S. exchanges. SEC Chair Gary Gensler anticipates that this milestone will be reached “sometime over the course of this summer.”
On May 23, the SEC approved 19b-4 filings from eight Ether ETF applicants. However, before trading can begin, the applications must also receive Form S-1 approvals.
Coincidentally, the amended filing was submitted on the same day that the SEC concluded its investigation into whether Ether should be classified as a security. Ethereum developer Consensys revealed in a post on June 19 that the SEC’s Enforcement Division had decided to close its investigation into Ethereum 2.0. This means that the SEC will not pursue charges alleging that ETH sales constitute securities transactions.
In related news, Ethereum’s recent price correction has been seen as an opportunity by some in the DeFi community.