Yesterday evening, several Ethereum spot ETF issuers submitted revised S-1 forms, with VanEck and Franklin being the first to disclose significantly low management fees, putting pressure on BlackRock and other issuers. At the same time, Bloomberg analyst Eric Balchunas predicts that the Ethereum spot ETF will be approved for listing on July 2nd.
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Ethereum Spot ETF issuers submit revised documents one after another
VanEck and Franklin are the first to disclose management fees
Disclosure of seed investments
Bloomberg analyst: Intense competition in management fees, ETF expected to launch on July 2nd
The final step before the listing of Ethereum ETF
After the market closed yesterday, several asset management companies, including BlackRock, VanEck, Franklin Templeton, Fidelity, Grayscale Investments, Invesco Galaxy, and 21Shares, submitted revised S-1 forms to the U.S. Securities and Exchange Commission (SEC).
Among them, VanEck (ETHV) and Franklin were the first to publicly disclose the management fees for their Ethereum spot ETFs, which are 0.20% and 0.19% respectively.
VanEck (ETHV) management fee
Franklin Ethereum spot ETF management fee
However, issuers such as Fidelity, Bitwise (ETHW), 21Shares, and BlackRock (ETHA) have not yet disclosed their management fees.
In addition, they have also disclosed the amount of seed investments they have received.
21Shares received approximately $340,000 in investment for its company 21Shares US LLC.
Franklin received a total investment of approximately $100,000.
Invesco received an investment of approximately $100,000 from its company Invesco Ltd.
Fidelity received an investment of approximately $4.7 million from its subsidiary FMR Capital.
A few days ago, ETF issuer Bitwise also revealed in its updated S-1 form that cryptocurrency venture capital firm Pantera Capital will invest $100 million in its product (code ETHW).
(Bitwise first updated Ethereum spot ETF document, Pantera Capital will purchase $100 million in shares)
Bloomberg analyst Eric Balchunas pointed out that VanEck’s extremely low management fee is putting pressure on BlackRock, requesting that its fees remain below 0.3%:
It appears that the fees for the Ethereum spot ETF will be as low as or even lower than the previous Bitcoin spot ETF.
He also added that issuers such as Fidelity, Bitwise, and 21Shares have not yet disclosed their management fees, and it is believed that everyone may wait until the last minute or until BlackRock discloses its fees before making them public.
At the same time, the analyst also made a prediction about the launch of the Ethereum spot ETF yesterday, stating that it will be launched on July 2nd this year.
(Bloomberg analyst: Ethereum spot ETF may be listed in early July)
Previously, in late May, the SEC officially approved the 19b-4 forms of eight Ethereum spot ETFs, allowing the aforementioned asset management companies to list and trade eight Ethereum spot ETFs.
At that time, issuer Hashdex withdrew its application for the Ethereum spot ETF and sought regulatory approval for a new type of ETF that combines Bitcoin and Ethereum spot.
(Hashdex applies for Bitcoin Ethereum hybrid spot ETF)
However, as the final step before the listing and trading of the Ethereum ETF, its S-1 registration statement must become effective, and the relevant documents have been revised multiple times in the past few weeks. In the current intense competition, which issuer’s product can stand out is still highly anticipated.
Eric Balchunas
ETF
VanEck
Ethereum
Ethereum spot ETF
Franklin Templeton
Further reading
BlackRock’s BUIDL surpasses Franklin FOBXX in market value within six weeks, becoming the world’s largest tokenized fund
The real-world asset (RWA) battle between traditional finance and DeFi: Franklin FOBXX vs. Ondo Finance