Ethereum

Spot

Bitwise Invest, a crypto index fund manager and a key player in Spot Bitcoin ETFs has refiled its S-1 form for spot Ethereum ETFs before the deadline. The deadline set for submitting the updated S-1 form was July 8 and early submission indicates the launch of Spot Ethereum ETFs soon.&nbsp; 
At the press time, ETH was trading at $3,216.88, indicating a 4.45% drop in a day with $386,554,141,738 in market cap and $17,959,744,285 in 24-hour volume. In the past 7 days, the coin price declined from $3,475.41 on June 28 to $3,216.88, which is a 4.55% drop.&nbsp; &nbsp;
On May 23, 2024, the Securities and Exchange Commission (SEC) approved 19b-4 forms for all the eight spot Ethereum ETF applicants. However, the S-1 forms were returned to several applicants with some feedback.
The SEC released a document that includes Bitwise Investment’s updated S-1 application.&nbsp;
<img src="https://lh7-us.googleusercontent.com/docsz/AD_4nXc5CzaQ6He0m5g2NH9Y7B4TukLfbqVYNJTjojeedsG7mjBftdZ9lKOdyCu-nYuyZdBHUaW7_uViB_BtPKqsdT34jRn98g2btB6D1Ap934wadVB_-HkJUVCPwRCKm1wVl5W4xjfFOLJiPorXcihREZAImQE?key=O3TiRq5RZaeLKRnXs0Dmhw" width="737" height="344">
Source: SEC
The crypto index fund manager made a few changes in the new filing, mainly in the waiver fees. As per the update, the platform will waive the sponsor fee for the first $500 Million in assets. However, the fee structure for the offerings wasn’t disclosed by the company yet.&nbsp;&nbsp;
Similarly, VanEck, the investment management firm planned to waive fees for the first $1.5 Billion in assets before 2025, after which it will charge a sponsorship fee of 0.20%. Also, Franklin Templeton will waive up to $10 Billion for the first six months. Moreover, <a href="https://www.coingabbar.com/en/crypto-currency-news/spot-solana-etfs-rise-future-outlook" title="VanEck" class="f-link" rel="noopener noreferrer nofollow">VanEck</a> also filed for Spot Solana ETFs on June 27.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<h3 id="span-span-data-font-font-size-style-font-size-16px-expert-s-opinion-on-the-action-span-span">Expert’s Opinion on the Action</h3>
James Seyffart, ETF analyst at Bloomberg is expecting more from other issuers throughout the rest of the week.&nbsp;
<img src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfYFFYDKUb1bUUdedmLgfR3-ndcYRj6vF9yhU-QdEFF-MNrC39bq1UedssA0B_ndsFjN437ZdQzs0jTm9NHL64dbb6_aCAWwwFs1klRCZKbgTc9FgpKP8X6Ssbf3deHgF225svkxF142QbzgDuSVMGINErE?key=O3TiRq5RZaeLKRnXs0Dmhw" width="443" height="185">
Source: X
“We're thinking these things could potentially list later next week or the week of the 15th at this point.”, Said Seyffart.&nbsp;
The analyst also added that he has low confidence in these tentative dates as the SEC hasn’t disclosed any details yet. Moreover, the <a href="https://www.coingabbar.com/en/crypto-currency-news/sec-requests-revisions-from-ethereum-etf-issuers" title="Ethereum" class="f-link" rel="noopener noreferrer nofollow">Ethereum</a> community took Bitwise Investment’s decision positively, hoping the approval within the next week.&nbsp;
<h4>Conclusion</h4>
Bitwise Invest's proactive refiling of its S-1 form for a spot Ethereum ETF ahead of the deadline signals a strong possibility of the product's imminent launch. Despite a recent dip in Ethereum's price, the crypto community remains optimistic about the potential approval. The SEC's nod to 19b-4 forms for Ethereum ETF applicants and Bitwise's strategic fee waiver for the first $500 million in assets reflect a competitive landscape among fund managers, with VanEck and Franklin Templeton also making notable moves.
Also Read:&nbsp;<a href="https://www.coingabbar.com/en/crypto-currency-news/eight-financial-giants-file-for-spot-ethereum-etfs" title="Eight Financial Giants File for Spot Ethereum ETFs" class="f-link" rel="noopener noreferrer nofollow">Eight Financial Giants File for Spot Ethereum ETFs</a>

Bitwise Files S-1 Form for Spot Ethereum ETF Aforetime; What Next?

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