The road to a spot Ethereum(ETH) exchange-traded fund (ETF) in the U.S. appears smoother after asset manager Bitwise updated its Form S-1 registration statement with the SEC. The filing, submitted on June 18th, reveals a potential $100 million investment in the ETF from investment firm Pantera Capital Management.
While Pantera’s interest is not a binding commitment, it signifies strong institutional backing for the product. Form S-1 filings detail a security’s financials, operations, and risk profile, and are a crucial step before an ETF can begin trading publicly.
This development comes on the heels of the SEC approving 19b-4 forms for eight Ether ETF proposals in May. However, Form S-1 approval remains the final hurdle for these ETFs to hit U.S. exchanges.
“The filings are the final part of an approval process before spot Ether ETFs are allowed to be publicly traded,” the article states, referencing comments from SEC Chair Gary Gensler who anticipates this happening “sometime this summer.”
Adding to the positive momentum, the SEC reportedly closed its investigation into whether Ethereum constitutes a security.
This news, announced by Ethereum developer Consensys on June 19th, removes a layer of uncertainty surrounding the cryptocurrency.
Also Read: Whale Alert! Ethereum Price Dips As Early ICO Investors Cash Out $35 Million
“This means the SEC will not bring charges alleging that sales of ETH are securities transactions,” Consensys explained.
With regulatory hurdles potentially easing and institutional interest on the rise, the launch of a U.S. spot Ether ETF seems closer than ever. This could significantly improve access to Ethereum for investors and potentially impact the cryptocurrency’s price and overall market standing.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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