Bitwise Amends S-1 Registration for Ether ETF

Bitwise, an asset management firm, has made changes to its S-1 registration with the SEC to enable the listing and trading of shares for a spot Ether exchange-traded fund (ETF). Following remarks from SEC Chair Gary Gensler indicating that approvals for spot Ether ETFs could be finalized by summer 2024, Bitwise’s updated Form S-1 registration statement was filed on July 3. Consequently, there is anticipation surrounding a possible listing and trading debut on NYSE Arca, with the amended filing including a six-month fee waiver for up to $500 million.

The move by Bitwise to amend its S-1 filing ahead of a July 8 deadline has caught the attention of Bloomberg ETF analyst Eric Balchunas. He speculated that the submission was expedited to clear the company’s agenda, with few comments necessitating updates. Moreover, there is no mention of fee charges yet, indicating the possibility of them being revealed in the upcoming weeks. Balchunas also reflected on potential reasons for the delay in SEC approval, attributing it to issues with specific issuers or the seasonal slowdown in summer. Despite minimal comments, he expressed surprise at the extended evaluation period, considering that trading of spot Ether ETFs could have commenced earlier.

The approval of spot Ether ETF 19b-4 filings from eight asset managers in May set the stage for heightened anticipation within the crypto investment community. SEC Chair Gary Gensler’s announcement during a Senate Banking Committee hearing on June 13 hinted at a favorable outlook for the registration statements of asset managers over the summer. Gensler’s positive remarks on the smooth progress of the Ethereum exchange-traded products’ registration process aligned with his previous statement on CNBC, where he acknowledged the need for additional time before finalizing approvals.

Bitwise’s initial submission of an S-1 registration for a spot Ether ETF in March coincided with rumors surrounding the potential classification of ETH as a security by the SEC. However, court filings from June revealed that the SEC had dismissed this possibility, paving the way for Bitwise and other asset managers to progress with their ETF initiatives.