Bitwise, an asset management firm, has updated its Form S-1 registration statement for the spot Ether (ETH) exchange-traded fund (ETF). The revised filing, submitted to the United States Securities and Exchange Commission (SEC) on June 18, reveals that Pantera Capital Management has expressed interest in investing up to $100 million in the ETF once it launches for trading.
While Pantera Capital Management has indicated a potential investment amount, the filing clarifies that these indications are not binding commitments. The investment firm could choose to purchase more, less, or no shares of the Ether ETF. A Form S-1 is a crucial document that provides details on financials, operations, and risk analysis for a security before it begins trading.
The completion of Form S-1 filings is a key step in the approval process for spot Ether ETFs to become publicly tradable. SEC Chair Gary Gensler anticipates that this milestone will be reached “sometime over the course of this summer.” The SEC recently approved 19b-4 filings from eight Ether ETF applicants, but Form S-1 approvals are necessary before these ETFs can start trading on U.S. exchanges.
In a significant development, the SEC has closed its investigation into whether Ether qualifies as a security. This decision was announced on the same day that Bitwise updated its Form S-1 filing. Ethereum developer Consensys confirmed in a post on June 19 that the SEC’s Enforcement Division has concluded its investigation into Ethereum 2.0. As a result, the SEC will not pursue charges alleging that ETH sales constitute securities transactions.
In related news, experts suggest that Ethereum’s recent price pullback could present buying opportunities for investors in the decentralized finance (DeFi) space.