Asset manager Bitwise submitted an updated registration statement for its proposed spot Ethereum ETF to regulators on Wednesday, revealing plans to waive fees.
Asset manager Bitwise submitted an updated registration statement for its proposed spot Ethereum ETF to regulators on Wednesday, revealing plans to waive fees. Bloomberg ETF analyst James Seyffart shared on X: "Expect more from other issuers throughout the rest of the week. We're thinking these things could potentially [be listed] later next week, or the week of the 15th at this point."
Though largely procedural, market observers see this revision as a strong indication that the launch of Ethereum ETFs is imminent. According to the amended filing with the Securities and Exchange Commission (SEC), once shares of the Bitwise Ethereum ETF are listed on an exchange, Bitwise will waive an unspecified management fee on the first $500 million the fund attracts. Bitwise’s fee waiver follows similar moves by Franklin Templeton and VanEck, who have included fee waivers in their filings for the first $10 billion and $1.5 billion, respectively.
Anticipation for the trading of spot Ethereum ETFs has been growing since the SEC's last-minute approval in May. Although the SEC approved several form 19b-4s, it has yet to green-light individual S-1 filings from asset managers, which are necessary for trading to commence.
While Bitwise’s amended filing includes few changes, it does feature new disclosure language. For instance, a clause now states that the “chair of the SEC has stated that the SEC has authority under existing laws to regulate the digital asset sector” within a section on oversight.
SEC Chair Gary Gensler commented last month that the process for launching spot Ethereum ETFs is “going smoothly.” Speaking at the Bloomberg Invest Summit, he added that progress depends on asset managers providing full disclosures.
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