Bitwise Files Amended S-1 for Ethereum ETF Ahead of Launch Deadline

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As a seasoned crypto investor, I’ve witnessed the rollercoaster ride of the digital asset market and the regulatory landscape that comes with it. The latest news from Bitwise regarding its Ethereum ETF submission piqued my interest.

Bitwise has recently made an adjustment to its S-1 filing for its proposed Ethereum exchange-traded fund (ETF), approaching the July 8 submission deadline. This amendment suggests that the product is nearing readiness for market debut. According to financial experts, listing for these ETFs could commence within the ensuing fortnight.

Bitwise Submits Amended S-1 for Ethereum ETF

Bitwise’s updated registration form was submitted on Wednesday. Analysts suggest that these products be listed by mid-July. A source close to the situation indicated the SEC might approve the final drafts by the end of next week.

Eight Ethereum ETF proposals, among which is the Bitwise ETF, received approval from the SEC on May 23 through the filing of 19b-4 forms. Nevertheless, these issuers must still wait for their S-1 statements to be effective before trading can commence, resulting in heightened anticipation within the market.

As a researcher examining the Securities and Exchange Commission (SEC) approval process for Initial Public Offerings (IPOs), I’ve noticed some lighthearted remarks in the S-1 forms. However, the SEC’s deliberate approach to approvals is not unexpected, especially when dealing with problematic issuers. Despite this, there’s still optimism that we can look forward to a successful launch this month.

 

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Analysts Confident in Near-Term ETF Launch

According to Bloomberg ETF analyst James Seyffart, there have been numerous modifications made to S-1 forms recently. He anticipates that more filings will emerge from other companies in the coming days. This trend points towards a collaborative approach among issuers to fulfill regulatory obligations.

New filing from BitwiseAssets: An adjusted S-1 for their Ethereum ETF is submitted. Look forward to more filings from other applicants in the coming days. The estimated listing timeframe is currently around the last week of March or the first week of April.

— James Seyffart (@JSeyff) July 3, 2024

As a senior Bloomberg ETF analyst, I was taken aback by the Securities and Exchange Commission’s (SEC) leisurely approach to recent filings. Pondering potential explanations, I considered the possibility of summertime vacations as a contributing factor. However, despite this delay, I remain optimistic about an ETF launch occurring this month.

The SEC’s relatively mild comments on S-1 forms indicate that few obstacles are left for companies. Analysts interpret this as the last stage of review, boosting faith in an imminent debut.

Bitwise underwent substantial modifications in its S-1 filing. Among these alterations, Bitwise announced they would forgo the sponsor fee on assets up to $500 million. Nonetheless, they are obligated to reveal the fee amount for any assets surpassing this limit.

VanEck, like another competitor, has declared they will initially forgo fees. Such actions indicate efforts to entice first-time investors with reduced entry hurdles. By eliminating fees, these companies make investing more accessible.

As a crypto investor, I’ve noticed that Bitwise has taken a leading role in regulatory compliance with their recent amendments. These changes demonstrate their forward-thinking approach and positioning within the industry, which is a strategic move as we anticipate more market entrants. This alignment with issuers streamlining their offerings is a broader trend in the crypto space.

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2024-07-04 00:34