Tuesday, July 16, 2024
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Bitwise files revised spot Ethereum ETF S-1 form

by xyonent
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Asset management firm Bitwise has amended its S-1 registration with the U.S. Securities and Exchange Commission (SEC) to list and trade shares of its Spot Ethereum exchange-traded fund (ETF).

This comes after SEC Chairman Gary Gensler said the SEC could finalize approval of a spot Ethereum ETF by summer 2024, with some analysts predicting it could be approved as early as July.

Bitwise Amends S-1 Registration

Bitwise filed an updated Form S-1 registration statement with the SEC on July 3, which includes a six-month fee waiver for up to $500 million.

on the other hand, Filing The company did not provide a specific date for the listing and trading on NYSE Arca to begin, but said it would begin “as soon as practicable” after the effective date of registration.

Bloomberg ETF analyst Eric Balchunas noted that Bitwise filed an amended S-1 before the July 8 deadline, saying, “Maybe they just wanted to get it out of the way. From what I’ve heard, the last comment was ‘literally nothing,’ meaning the update took no time at all. Also, there’s no fee yet. We’ll probably get it next week or so.”

He also Guessed As for why the SEC approval process is slowing down, some have suggested it could be due to issues with the issuer or simply the economic downturn over the summer.

“No one really knows why the SEC is taking so long on these stocks. Given the light comments, these stocks may have already been trading,” Balchunas added.

Summer Approval Schedule

Bitwise’s latest move comes after the SEC approved a spot Ethereum ETF 19b-4 application submitted by eight asset managers on May 23. Since then, the crypto investment community has been eagerly awaiting further developments from the SEC regarding a potential release date.

At a June 13 hearing before the Senate Banking Committee, SEC Chairman Gary Gensler said: stated Gensler said the Commission expects to approve the asset manager’s S-1 registration statement “sometime this summer.” Gensler said the registration process for an Ethereum exchange-traded fund (ETF) is progressing well and that he expects approval of individual issuers within the next few months.

This is what Gensler said in a June 5th interview with CNBC: hinted Regarding the possible delay in the SEC’s approval of a spot Ethereum ETF, he said the next step “will take some time.”

Bitwise initially filed an S-1 for a Spot Ethereum ETF Shares with the SEC in March amid rumors that the regulator was considering classifying ETH as a security, but a court filing in June suggested the SEC had dropped this consideration.

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