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Ethereum ETF Filings Updated After SEC Feedback, Approval Incoming?

Key Takeaways

  • Five major asset managers updated their spot Ether ETF applications following SEC guidance;
  • Fidelity, VanEck, and Franklin Templeton, among others, removed Ether staking from their filings to align with SEC requirements;
  • Bloomberg analyst Eric Balchunas increased the approval odds for spot Ether ETFs from 25% to 75%.
Ethereum ETF Filings Updated After SEC Feedback, Approval Incoming?

Five asset managers have revised their spot Ether exchange-traded fund (ETF) applications in response to last-minute guidance from the US Securities and Exchange Commission (SEC), fueling optimism about potential approval.

Among the firms making these amendments are Fidelity, VanEck, and Franklin Templeton, as well as joint applicants Galaxy and Invesco, and ARK Invest and 21Shares.

A major change in the revised filings is the removal of provisions for Ether staking, aligning the applications with SEC requirements.

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What is ENS? Ethereum Name Service Explained (ANIMATED)

What is ENS? Ethereum Name Service Explained (ANIMATED) What is ENS? Ethereum Name Service Explained (ANIMATED)

Fidelity's amended filing stated:

Neither the Trust, nor the Sponsor, nor the Custodian, nor any other person associated with the Trust will, directly or indirectly, engage in action where any portion of the Trust’s ETH becomes subject to the Ethereum Proof-of-Stake validation or is used to earn additional ETH or generate income or other earnings. 

Similar language was adopted by the other Chicago Board Options Exchange (CBOE)-sponsored applicants.

Industry experts see this development as a positive signal. Bloomberg analyst Eric Balchunas has raised the approval odds for spot Ether ETFs from 25% to 75%.

Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, mentioned that ETFs without staking could actually enhance staking returns by avoiding associated risks.

Furthermore, Bloomberg ETF analyst James Seyffart highlighted the urgency of these updates, noting that all five CBOE filings occurred within a short 25-minute window on May 21. He also pointed out that these amendments are a step forward but reiterated that the launch of these ETFs is still contingent on the approval of S-1 registration statements by the SEC.

VanEck's application is one of the first to face the SEC's decision, with a deadline set for May 23. However, many believe that the SEC will likely make a collective decision on all applicants, similar to its approach with spot Bitcoin ETFs earlier this year.

VanEck’s Ether ETF, marked as "ETHV," was added to the Depository Trust and Clearing Corporation (DTCC) website, even though it is not yet active. The DTCC lists securities eligible for trading and settlement within its systems, including both active and pre-launch ETFs.

Ethereum ETF applications updated after SEC feedback, approval incoming: Vaneck's Ether ETF added to DTCC website

Banking giant Standard Chartered’s optimistic forecast further fuels market enthusiasm, predicting that Ethereum's price could soar to $8,000 by the end of the year. The recent SEC directives and the filing updates have already led to an increase in ETH value, trading at $3,757.18 at the time of writing.

While the path to the launch of spot Ether ETFs remains uncertain, the recent flurry of amended filings and the SEC's engagement with applicants indicate a potentially positive outcome.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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