Fidelity, a prominent investment firm, has once again made revisions to its application for an Ether (ETH) exchange-traded fund (ETF). On June 21, Fidelity submitted a new filing to the United States Securities and Exchange Commission, updating its Form S-1 Registration Statement, a necessary step for registering investments for public sale.
In the latest filing, it was disclosed that FMR Capital, a Fidelity affiliate, acquired 125,000 shares at a price of $38 to kickstart the fund with $4.7 million. This amount was used to purchase 1,250 Ether (ETH).
Furthermore, Fidelity confirmed that it will not be participating in ETH staking. This decision was made after staking services were removed from the company’s initial proposal on May 21. The filing stated, “The Trust will not engage in the proof-of-stake validation mechanism of the Ethereum network, meaning it will not stake its ether to earn additional tokens or generate income from its ether holdings.”
The SEC has recently approved a rule change to allow the listing and trading of eight spot Ether ETFs from major asset managers such as VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. However, these ETFs still need SEC approval for their S-1 forms before they can start trading.
According to Bloomberg ETF analyst Eric Balchunas, more asset managers are expected to update their filings on June 21, with a potential debut of the funds on July 2. Bitwise, for instance, has also revised its proposal with the SEC, including a possible $100 million investment from Pantera Capital upon the ETF’s launch.
Another asset manager seeking regulatory approval is Hashdex, which recently proposed a combined spot Bitcoin (BTC) and Ether ETF on the Nasdaq exchange. Prior to this, Hashdex had abandoned plans for a standalone Ether ETF.
Source: Street Insider
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