You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Bitwise Reveals $2.5M Seed Investment in Amended Spot Ethereum ETF filing

Bitwise modified the registration documents for its Ethereum exchange-traded fund (ETF) on Tuesday. The asset manager is currently awaiting SEC approval to launch and trade the ETF publicly.

In the United States, companies are required to file an S-1 form with the SEC before offering new investment products to the public.

According to the updated filing, Bitwise disclosed a $2.5 million seed investment intended to initiate the fund. This capital will be used to acquire Ethereum assets prior to the ETF’s debut on the stock market.

Pantera Capital, a crypto venture capital firm, expressed interest in purchasing up to $100 million worth of shares in Bitwise’s spot Ethereum ETF. However, Bitwise clarified that these indications of interest are not binding commitments, leaving the potential for these investors to adjust their purchase amounts or decide against buying shares altogether.

Uncertain Launch Timeline for Bitwise ETH ETF

In recent developments, the SEC approved several Ethereum ETFs last month, though each issuer must secure specific product approval. Bitwise has now become the first to update its S-1 filing following initial SEC feedback. According to Bloomberg’s ETF analyst James Seyffart, it remains uncertain whether further revisions will be necessary before the ETF can officially launch.

“There’s no definitive timeline for launch based on this filing,” Seyffart commented. “It could proceed without additional updates or require adjustments. Ultimately, final SEC approval will dictate the launch timing,” he added.

Seyffart speculates that a launch before July 4 could be feasible.

Additionally, last month, Fidelity adjusted its application for a spot Ethereum ETF filed with the SEC. The update clarified that the ETF will not involve Ethereum token staking.

Politics Behind SEC’s U-turn on Spot Ether ETFs

The SEC has reportedly requested revisions to ETF issuer applications following potential political pressure, indicating a possible shift in its approach to spot Ether ETFs.

James Seyffart previously suggested to Cryptonews that actions by the Biden administration and feedback from the crypto community likely influenced the SEC’s change in stance.

“We believe this decision was entirely political. It appears to be a complete reversal by the SEC,” Seyffart remarked.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024By
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024By
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024By

Latest news

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024
Bitcoin Mining Firm CleanSpark Acquires GRIID in $155M Stock Deal
28.06.2024
Elastos Partners With BEVM to Launch Bitcoin P2P Loans, Targeting $1.3T in Dormant Value
28.06.2024
Coinbase Files Lawsuits Against SEC, FDIC Over FOIA Request
27.06.2024
UK Watchdog Boosts Crypto Division to 100 Staff Members
27.06.2024
Hong Kong Government Explores DeFi and Metaverse to Boost Fintech Dominance
27.06.2024
Spot Ether ETFs May Receive US Approval by July 4: Report
27.06.2024
Bitcoin ETFs See Inflows for Second Consecutive Day as BTC Holds Steady at $60K
27.06.2024