Bitwise Updates Ether ETF Registration; Potential $100M Investment Looms as SEC Ends Probe
Summary:
Bitwise has revised its spot Ether (ETH) ETF Form S-1 registration statement, potentially indicating a $100 million investment upon launch. The revision comes as the SEC ends its investigation into whether Ether constitutes a security. The ETF initiative still awaits Form S-1 approval from the SEC, following the approval of 19b-4 filings from eight Ether ETF applicants.
Bitwise, a leading asset management company, has updated its Form S-1 registration statement for its proposed spot Ether exchange-traded fund (ETF). The revised statement reveals a probable venture of $100 million into the ETF when it begins trading. According to the filing on June 18 with the U.S. Securities and Exchange Commission (SEC), Pantera Capital Management expressed interest in acquiring up to $100 million worth of shares in the Ether ETF. It was clarified, however, that these were non-binding intentions, and the potential investors might choose to buy a different amount, or no shares at all. The Form S-1 document provides detailed financial, operational and risk-related information and is submitted to the SEC before a security goes public.
It's the last step before public trading of the spot Ether ETFs is permitted, a development that SEC Chair Gary Gensler expects to occur sometime in the coming summer. The SEC previously green-lit 19b-4 filings from eight Ether ETF contenders on May 23, but each of these applications still requires Form S-1 approval before the ETFs can be traded on U.S. exchanges.
The update coincided with the SEC discontinuing its probe into whether Ether qualifies as a security. As stated by Ethereum developer Consensys in a June 19 post, "The SEC's Enforcement Division has informed that it's terminating its investigation into Ethereum 2.0". The SEC will not be pressing charges that infer sales of ETH are securities transactions, the company explained.
Published At
6/19/2024 9:03:58 AM
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