Ethereum ETF Issuers Submit Updated Filings to SEC

BlackRock, VanEck, Franklin Templeton, Grayscale Investments, Invesco Galaxy, and 21Shares have submitted updated applications for spot Ethereum ETFs to the SEC. This was reported by The Block.

VanEck set its fees at 0.2%, while Franklin Templeton set theirs at 0.19%. Other issuers have yet to disclose the fees for their products.

VanEck is in and so is their fee, which will be 0.20%, which is pretty damn low, right around Franklin’s 0.19%. Adds a touch of pressure on BlackRock to stay under 30bps at least. So far looks like Eth gonna be as low or even lower fees than btc. pic.twitter.com/YfyM2FB5SF

— Eric Balchunas (@EricBalchunas) June 21, 2024

“VanEck is in with fees at 0.2%, which is quite low, similar to Franklin’s 0.19%. This adds some pressure on BlackRock to stay at least below 30 basis points. It seems like [ETH-based ETFs] will have fees similar to or even lower than BTC,” wrote Bloomberg analyst Eric Balchunas.

The issuers also disclosed initial investments in Ethereum ETFs:

• 21Shares — $340,739;
• Franklin Templeton — $100,000;
• Invesco Galaxy — $100,000.

These figures are significantly lower than BlackRock’s, which declared $10 million.

Earlier, Balchunas reported the launch date for spot Ethereum ETFs was postponed to July 2 following feedback on the S-1 forms received by the issuers.

On June 13, SEC Chairman Gary Gensler noted that he expects the bureaucratic procedures for launching exchange-traded funds based on the second-largest cryptocurrency by market capitalization to be completed by the end of summer.

Back in May 23, the SEC approved the 19b-4 applications from spot ETH-ETF issuers. Trading will commence once the agency signs off on the S-1 registration statements.

In June, the SEC’s enforcement division closed its investigation into Ethereum. ConsenSys intends to seek greater regulatory clarity regarding cryptocurrencies and will continue its legal battle with the agency.