Fidelity, a prominent investment firm, has made another revision to its application for an exchange-traded fund (ETF) focused on Ether (ETH).
In a filing with the United States Securities and Exchange Commission on June 21, Fidelity updated its Form S-1 Registration Statement, a necessary step in registering investments for public sale.
The new filing discloses that FMR Capital, an affiliate of Fidelity, acquired 125,000 shares worth $38 each, totaling $4.7 million. This investment was used to purchase 1,250 Ether.
Furthermore, Fidelity has confirmed that it will not engage in ETH staking. The company had previously removed staking services from its initial proposal on May 21.
According to the filing, “The Trust will not participate in the proof-of-stake validation mechanism of the Ethereum network (i.e., the Trust will not ‘stake’ its ether) to earn additional ether or seek other means of generating income from its ether holdings.”
The Securities and Exchange Commission has approved a rule change that allows for the listing and trading of eight spot Ether ETFs from major asset managers, including VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. However, these ETFs still need SEC approval for their S-1 forms before they can begin trading.
Bloomberg ETF analyst Eric Balchunas predicts that more asset managers will make amendments to their filings on June 21, with the ETFs expected to debut on July 2.
Bitwise has also updated its proposal with the SEC, including the potential investment of $100 million in the ETF from Pantera Capital upon its trading launch.
Another asset manager, Hashdex, is also seeking regulatory approval. On June 18, the company proposed creating a combined ETF focused on spot Bitcoin and Ether on the Nasdaq exchange. This came after the company dropped plans to offer a sole Ether ETF a few weeks prior.
Source: Street Insider