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Bitwise Asset Management has revised its Form S-1 registration statement for its spot Ether (ETH) exchange-traded fund (ETF), highlighting a potential $100 million investment upon its launch.
Notably, the SEC filing indicates that Pantera Capital Management has shown interest in purchasing up to $100 million of shares in this Ether ETF. However, these indications are not binding commitments, leaving open the possibility of purchasing more, fewer, or no shares at all.
This revision is a crucial step in the approval process for the spot Ether ETFs to be publicly traded, which SEC Chair Gary Gensler anticipates might occur by the end of this summer. Previously, on May 23, the SEC approved 19b-4 filings from eight Ether ETF bidders, but these applications still require Form S-1 approvals before the ETFs can begin trading on US exchanges.
Bitwise’s filing came on the same day the SEC ended its investigation into whether Ether is a security. Consensys, an Ethereum developer, confirmed the closure of the investigation in a June 19 post, stating that the SEC would no longer bring charges against Ethereum 2.0 and the proof of stake mechanism it brought, among other developments.
The Form S-1 registration statement, essential before a security starts trading, provides detailed financials, operations, and risk analysis. The Trust intends to list the shares on the NYSE Arca under the ticker symbol “ETHW,” with the investment objective of providing exposure to the value of Ether held by the Trust. The initial seed capital investment by Bitwise Investment Manager, LLC, amounted to $2.5 million, facilitating the purchase of ether prior to the listing.
This development is significant for both the crypto investor and the broader industry, as it represents a major step toward mainstream acceptance and accessibility of Ether investments through traditional financial markets. Pantera Capital, a prominent investment firm’s potential $100 million investment underscores the growing institutional interest in digital assets and their associated financial products.
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