Seven spot Ethereum ETF The SEC received amended registration statements from applicants on the 21st of June, which led to an increase in expectations for a launch date early in July.
Franklin Templeton, VanEck, Invesco Galaxy, BlackRock, 21Shares” Fidelity Updated S-1 Registrations are required for all funds.
Grayscale The Ethereum Trust submitted a revised S-3 statement and supplementary amended S-1 statements for the mini Ethereum Trust. Bitwise The company did not change its registration.
Eric Balchunas of Bloomberg ETF continued to say that July 2 was the date the fund would launch, despite the recent filings.
“Anyway that’s basically a wrap. Ball in SEC’s court now.”
He maintained that Ethereum ETFs will likely not attract more than 20% the AUM Bitcoin has attracted.
Fees disclosed
Franklin Templeton has disclosed that it charges a sponsoring fee of 0.1% in their updated filing. The fee will be waived for assets up to $10 billion for a period of six months. Meanwhile, VanEck disclosed a similar 0.20% sponsor fee, which it intends to waive for the first $1.5 billion assets until an unstated date in 2025.
Balchunas thinks that the low sponsor fees will also pressure BlackRock into announcing sub-30 basis points sponsor fees for their fund. BlackRock, as well as Fidelity, have not yet disclosed sponsor fees on their ETFs.
BlackRock’s fees, according to experts, could be the key element that leads to increased competition between firms. Balchunas stated that the fee of the asset manager is more important than the date for the launch.
Analyst:
“[BlackRock’s] fee is the sun that the rest will need to orbit around.”
Launch of the new spot Bitcoin In January, ETFs led to notable increases in the number of investors. “fee war” Each issuer is competing to provide low fees. Grayscale currently offers a Bitcoin ETF with fees between 0.19% – 0.39%. GBTC There is a higher 1,5% charge.
Seed investment
Invesco Galaxy reported a $100,000 Seed Transaction on June 17, in which the investor bought 4,000 Shares for $25 each.
Grayscale announced a seed share acquisition of $100,000 for its Mini Ethereum Trust. The sponsor bought 10,000 shares on May 31 at $10 each.
Fidelity says that FMR Capital bought 125,000 shares of Fidelity stock at $37.99 a share on the 4th June, contributing $4.7million to trust.
BlackRock reported previously that it had raised $10 million for the ETF.
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Source: cryptoslate.com