Fidelity Files Amended S-1 Application with SEC for Spot Ether ETF, Removes Staking
Asset manager Fidelity has made an amended S-1 application to the United States Securities and Exchange Commission (SEC) for its spot Ether exchange-traded fund (ETF).
The updated application specifies that the underlying Ether tokens of the ETF will not be staked, according to recent reports.
S-1 filings are mandatory registration forms required by the SEC for launching publicly traded securities products in the United States.
This filing comes in the wake of reports suggesting that the SEC has reversed its stance on spot Ether ETFs, potentially influenced by political pressures.
As a result, the commission has reportedly requested ETF issuers to revise their 19b-4 filings.
The upcoming deadline for the SEC’s decision falls on May 23, specifically for VanEck’s Ether ETF proposal.
While senior Bloomberg ETF analyst Eric Balchunas has increased the likelihood of approval to 75%, up from the previous estimation of 25%, this specifically applies to the 19b-4 form.
However, approval for Ether ETF issuers also necessitates the acceptance of their S-1 filings, as highlighted by Bloomberg ETF analyst James Seyffart in a recent post.
Seyffart indicates that the approval process for S-1 filings could take weeks to months, even if the theoretical approvals for 19b-4 filings occur this week. Despite the potential delay, Seyffart suggests that S-1 approvals are a matter of “When” rather than “If.”
A quick note, @EricBalchunas and increased odds to 75% for spot #Ethereum ETF approvals. But that's for the 19b-4 May 23rd deadline (@vaneck_us's deadline) We also need S-1 approvals. It could be weeks to months before we see S-1 approvals and thus a live Eth ETF h/t @NateGeraci
— James Seyffart (@JSeyff) May 20, 2024
The SEC faces final
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