Bitwise, an asset management firm, has updated its Form S-1 registration statement for a spot Ether (ETH) exchange-traded fund (ETF), indicating a potential investment of $100 million in the ETF upon its launch.
According to the filing made on June 18 with the United States Securities and Exchange Commission (SEC), Pantera Capital Management has expressed interest in purchasing up to $100 million worth of Shares in the Ether ETF. However, the filing notes that these indications of interest are not binding agreements, and the potential purchasers may decide to buy more, less, or no Shares.
A Form S-1 is a comprehensive document submitted to the SEC before a security is traded publicly, providing details on financials, operations, and risk analysis.
The approval process for spot Ether ETFs to be traded publicly is nearing completion, with SEC Chair Gary Gensler anticipating that trading will commence “sometime over the course of this summer.” The SEC had previously approved 19b-4 filings from eight Ether ETF applicants on May 23, but the ETFs require Form S-1 approvals before they can be listed on U.S. exchanges.
Coinciding with the revised filing, the SEC has announced the closure of its investigation into whether Ether constitutes a security. Ethereum developer Consensys confirmed the news on June 19, stating that the SEC’s Enforcement Division has concluded its investigation into Ethereum 2.0. This decision means that the SEC will not pursue charges alleging that sales of ETH are securities transactions.
In related news, Ethereum’s recent price drop is being viewed as an opportunity by some in the decentralized finance community, with Dynamo DeFi and X Hall of Flame highlighting the potential benefits of this market movement.