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Just In: VanEck Updates S1-A Filing for Spot Ethereum ETF – CoinGape

Investment asset management firm VanEck has taken a strategic step by filing an S1-A form for its proposed Spot Ethereum ETF.

Growth pivot to Spot Ethereum ETF

According to Bloomberg ETF Senior Analyst James Seifert, VanEck has updated its S1-A filing for the Spot Ethereum ETF with the U.S. Securities and Exchange Commission (SEC). This step was taken by the company in anticipation of possible approval from securities agents for the new offering.

The SEC has already filed several applications for spot Ethereum ETFs on its waiting list. Following the approval of Spot Bitcoin ETF and the success recorded so far, many traditional investment firms suddenly started taking an interest in Ethereum ETF.

US multinational asset management firm BlackRock also filed an application for an Ethereum ETF with the SEC, but the decision on the offering was delayed by regulators who said they needed additional time to consider the application to make the right decision. Based on this, it was decided that: it will not give a decision Available on BlackRock’s iShares Ethereum Trust until March 10, 2024.

Grayscale Investments’ Spot Ethereum ETF application was similar. delay The SEC made a similar decision; Fidelity application, ARK Invest, and VanEck’s. Overall, the SEC is concerned about Ethereum’s transition to a proof-of-stake mechanism. Securities watchdogs have recognized the potential for market manipulation and fraud resulting from the proposed ETF based on current consensus models.

Spot ETH ETF approval odds

Despite repeated postponements, many experts estimate that 60% chance Number of Spot Ethereum ETFs to receive approval by May. The speculation stems from the fact that the 240-day period for the SEC to make a decision on the proposals from Ark/21Shares and VanEck ends on May 23.

The crypto community is also viewing SEC Commissioner Hester Peirce’s statement as an expectation for further approval. SEC officials confirmed that securities regulators will: don’t repeat the same mistake This was done in preparation for the approval of a Bitcoin ETF. He strongly opined that the SEC has learned its lessons and will continue to stick to them as Ethereum ETFs continue to receive spot ETF applications.

Meanwhile, the spot Bitcoin ETF market, which the authorities approved in January, visible growth In this short period of time, assets under management (AUM) have already exceeded $10 billion.

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