The U.S. Securities and Exchange Commission (SEC) has received 21Shares the Form 8-A filed by 1Shares for their Spot Ethereum ETF. This action reflects VanEck’s earlier this week 8A filing. Furthermore, it is anticipated that other Ether ETF issuers, including Franklin Templeton, Fidelity, and BlackRock, will do likewise.
21Shares Files Form 8A to Invest in Ethereum ETF Spot
Form 8A is essential because its approval enables the issuer to list and trade the product on an exchange. With the filing on Thursday, June 27, 21Shares has cemented its standing among the other Spot Ethereum ETF applicants.
ARK Invest declared earlier that it will not pursue its Spot Ethereum ETF application. However, ARK is still dedicated to figuring out how to provide investors with access to Ethereum’s underlying technology.
Additionally, the company keeps emphasizing its advantages in active management by offering various financial solutions. The ARK Venture Fund, digital asset futures ETFs, and disruptive innovation equity ETFs are a few examples. Other Spot Ethereum ETF candidates had been amending their S-1 files in the interim. 21Shares chose to move forward independently with its application for the Spot Ethereum ETF after Cathie Wood’s ARK Invest withdrew its application and ended its collaboration with the latter.
Another participant in this arena, VanEck, also filed a Form 8-A lately. Furthermore, VanEck stated in a different filing that it would not charge any fees until 2025 or until $1.5 billion in assets are managed for its Ethereum ETF, whichever comes first.
When Do Ether ETFs Enter the Market?
According to analysts, the Ethereum ETFs could begin on July 2. However, businesses like VanEck are already raising the bar for competition. Eight registrations resulted from the SEC’s recent request for applicants to submit revisions to their S-1 forms.
These filings were sourced from BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares, and Invesco. Furthermore, SEC Chairman Gary Gensler has confirmed that the Spot Ethereum ETF approval process is going well.
Furthermore, ETFstore President Nate Geraci’s screenshot showed how little the most recent batch of S-1 revisions changed. This implies that the SEC might notify applicants of the trading start date shortly. If this is accurate, it suggests that the Spot Ethereum ETF applicants might only need to modify their ideas slightly.
Furthermore, the SEC likely has many more remarks, if any. In the end, the SEC gets to make the call. Geraci’s source states that clearance is anticipated in the following two to three weeks. This indicates that the regulatory procedure is almost complete.
