Bitwise, an asset management firm, has updated its S-1 registration with the US Securities and Exchange Commission (SEC) to include a proposal for trading shares of a spot Ether (ETH) exchange-traded fund (ETF).
In a filing on July 3 with the SEC, Bitwise revised its Form S-1 registration statement earlier than planned, offering a six-month fee waiver applicable to assets totaling up to $500 million. The filing did not specify a definitive launch date for listing and trading on NYSE Arca but indicated intentions to proceed “as soon as practicable after the effective date” of registration.
According to Bloomberg’s ETF analyst, Eric Balchunas, Bitwise submitted the amended S-1 ahead of a July 8 deadline, hinting that trading could commence post the Independence Day holiday in the US. Balchunas noted the SEC’s deliberate pace in granting final approvals for spot Ether ETFs but suggested that all signs pointed to a launch within this month.
Following the approval of 19b-4 filings by eight asset managers, including Bitwise, on May 23, investors focused on cryptocurrencies have eagerly awaited a release date from the SEC. SEC Chair Gary Gensler mentioned during a June Senate Banking Committee hearing that the commission might finalize the S-1s “at some point this summer,” though he did not specify a precise date.
In contrast, the SEC had greenlit 194-b filings for spot Bitcoin (BTC) ETFs and effective S-1 prospectuses back in January. Bitwise had initially filed its S-1 with the SEC for shares of a spot Ether ETF in March amid speculation surrounding ETH potentially being classified as a security. However, subsequent court filings in June indicated that the matter was likely dropped by the commission.
Source: U.S. Securities and Exchange Commission