Fidelity Seeds Ether ETF With $4.7M

Bloomberg analyst Eric Balchunas anticipates that additional asset managers will update their filings on June 21, with Ether ETFs potentially debuting on July 2.

Fidelity, a prominent investment firm, has again revised its application for a spot Ether (ETH) exchange-traded fund (ETF).

Fidelity has amended its Form S-1 Registration Statement, which is necessary to register investments for public sale, in a filing with the United States Securities and Exchange Commission on June 21.

The new filing indicates that FMR Capital, an affiliate of Fidelity, acquired 125,000 shares for $38 to provide the funds’ portfolio with $4.7 million. The funds were utilized to acquire 1,250 Ether.

Fidelity has also clarified that it will not participate in ETH speculation. On May 21, the company eliminated stake services from its initial proposal.

“The Trust will not engage in the Ethereum network’s proof-of-stake validation mechanism (i.e., the Trust will not “stake” its ether) to generate income from its ether holdings or acquire additional ether,” the filing states.

The SEC has approved a rule change that will enable the listing and trading of eight spot Ether ETFs from prominent asset managers, including VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. Before the ETFs can commence trading, they must still obtain SEC approval for their S-1 forms.

According to Eric Balchunas, a Bloomberg ETF analyst, more asset managers are anticipated to amend their filings on June 21. The analyst predicts that the funds will be introduced on July 2. Balchunas composed the following on X:

“We will see a bunch of amended S-1s filed today, prob later this afternoon. Then ball’s in SEC’s court to let issuers know about any final changes and effectiveness (aka final approval). We holding the line with July 2nd as our over/under for eth ETFs launch date.”

Additionally, the SEC has received an updated proposal from Bitwise. Upon the ETF’s trading launch on June 19, the asset manager incorporated a prospective $100-million investment from Pantera Capital.

Hashdex is an additional asset manager in the process of obtaining regulatory sanction. The company proposed the establishment of a combined spot Bitcoin and Ether ETF on the Nasdaq exchange on June 18. Hashdex abandoned its intention to provide a single Ether ETF just a few weeks before this filing.