ETF issuer Bitwise updated the S-1 form for the Ethereum spot ETF yesterday, becoming the first among all ETF issuers to submit it recently. It disclosed that cryptocurrency venture capital firm Pantera Capital will invest $100 million. Will the SEC, as Bloomberg predicts, approve the Ethereum spot ETF before the end of the month, injecting another dose of confidence into the community?
Pantera Capital intends to purchase $100 million worth of ETHW
Bloomberg estimates a chance of approval in early July
In the updated document from Bitwise, cryptocurrency venture capital firm Pantera Capital will invest $100 million in Bitwise’s Ethereum ETF (code ETHW) and commit not to sell on the public market within six months.
Bloomberg ETF analyst Jamse Seyffart believes Pantera Capital is an investor in Bitwise and has also invested $200 million in Bitwise’s Bitcoin spot ETF (code BITB).
Additionally, Bitwise also purchased 100,000 shares as seed funding through its subsidiary Bitwise Investment Manager, LLC, before listing, expecting to spend $2.5 billion.
Seyffart believes that Bitwise’s revised document is the first submitted among all ETF issuers recently. It will include modifications to their initial assessment by the U.S. Securities and Exchange Commission (SEC), but it does not mention the expense ratio, and he is unsure if more rounds of modifications are needed.
Bloomberg ETF analyst Eric Balchunas has moved up the estimated listing date of the Ethereum spot ETF to July 2nd and stated that the issuer and SEC have started discussions. There is a chance that the SEC will announce the approval of the S-1 next week, and when the S-1 is approved, the ETF typically lists the next day.
The U.S. Securities and Exchange Commission (SEC) officially approved the 19b-4 form for eight Ethereum spot ETFs on 5/23. ProShares, the issuer of the Bitcoin Strategy ETF (BITO), submitted the S-1 form to the SEC on 6/11 (but its 19b-4 form has not been approved), officially joining the battle for Ethereum spot ETFs.
Will the SEC approve the Ethereum spot ETF before the end of the month, injecting another dose of confidence into the community?