In a strategic move, Bitwise, the asset management powerhouse, has updated its S-1 registration with the United States Securities and Exchange Commission (SEC), paving the way for the listing and trading of shares tied to a spot Ether (ETH) exchange-traded fund (ETF).
The revision, filed on July 3, accelerates Bitwise’s original timeline, incorporating a generous six-month fee exemption for investments up to $500 million. While the filing stops short of announcing a definitive date for the commencement of trading on NYSE Arca, it indicates a swift launch post-registration’s effective date.
Courtesy of the U.S. Securities and Exchange Commission
Bloomberg’s ETF specialist, Eric Balchunas, notes that Bitwise’s early amendment of the S-1, just before the July 8 cut-off, hints at a trading start date soon after the U.S. Independence Day celebrations. Balchunas remarks on the SEC’s leisurely pace in granting the final nods for the spot Ether ETFs, yet confirms that all signs point to a launch within the current month.
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Following the green light for the spot Ether ETF with 19b-4 submissions from eight financial giants, including Bitwise, on May 23, the crypto community has been on the lookout for the SEC’s signal for an official release date. During a June session of the Senate Banking Committee, SEC Chairman Gary Gensler hinted at approvals for the S-1s sometime this summer, though he refrained from specifying a date.
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In a contrasting scenario, the SEC gave its nod to 194-b filings for spot Bitcoin (BTC) ETFs and their corresponding S-1 prospectuses earlier in January. Amidst conjectures of ETH being classified as a security, Bitwise submitted its S-1 for a spot Ether ETF in March. Legal documents from June indicate that the SEC has since set aside this consideration.
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