Ethereum
21Shares Files Form 8A, Why is it Important?
In a recent filing, 21Shares submitted Form 8-A for its Spot Ethereum ETF application to the U.S. Securities and Exchange Commission (SEC). This move mirrors VanEck’s 8A filing reported earlier this week. Additionally, other Ethereum ETF issuers like black rockFidelity and Franklin Templeton are also expected to follow suit.
21Shares Submits Form 8A for Spot Ethereum ETF
Form 8A is crucial because its approval allows the issuer to list and trade the product on the stock exchange. Thus, 21Shares consolidated its position among other Spot Ethereum ETF applicants with the filing made on Thursday, June 27.
Earlier this month, ARK Invest announced that it would not be moving forward with its Spot Ethereum ETF application at this time. However, despite this, ARK remains committed to finding ways to offer investors access to Ethereum’s underlying technology.
Additionally, the firm continues to focus on its active management strengths across a variety of investment products. These include disruptive innovation equity ETFs, digital asset futures ETFs, and the ARK Venture Fund. Meanwhile, other Spot Ethereum ETF applicants have updated their S-1 filings. When Cathie Wood’s ARK Invest made the decision to withdraw its application and end its partnership with 21Shares, 21Shares decided to proceed with its Spot Ethereum ETF application independently.
Van Eckanother player in this space, also recently filed a Form 8-A. Additionally, VanEck indicated in another filing that it would waive all fees until 2025 or until assets under management of its Ethereum ETF reach $1.5 billion, whichever comes first.
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When will Ether ETFs start trading?
Analysts predict a potential launch date for Ethereum ETFs around July 2. While companies like VanEck are already raising the competitive stakes. Recently, the SEC required applicants to submit amendments to their S-1 filings, resulting in eight filings.
These deposits came from BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares and Invesco. Additionally, SEC Chairman Gary Gensler confirmed that the approval process for the Ethereum Spot ETF progresses without problem.
Additionally, ETFstore President Nate Geraci shared a screenshot indicating that the latest round of S-1 revisions were minimal. This suggests that the SEC may soon notify applicants when negotiations will begin. If true, this implies that Spot Ethereum ETF applicants may not need to make significant adjustments to their proposals.
Additionally, the SEC likely only has a few, if any, additional comments. Overall, the decision now rests with the SEC. According to Geraci’s source, approval is expected within two to three weeks. This indicates that the regulatory process is coming to an end.
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