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In a pivotal development, five U.S. asset managers have amended their SEC filings for Ethereum ETFs, signaling potential market shifts and heightened investor interest.
Prominent Asset Managers Amend Ethereum ETF Filings, Drop ETH Staking to Address SEC Criticism
Five potential spots Ether exchange-traded fund (ETF) issuers have modified their 19b-4 filings in response to last-minute criticism from the Securities and Exchange Commission, per Cointelegraph.
Prominent asset managers Fidelity, VanEck, and Franklin Templeton have made significant strategic modifications, along with joint applications from Galaxy, Invesco, ARK Invest, and 21Shares. Notably, Fidelity, Franklin Templeton, and ARK 21Shares have decided to remove facilities for ETH staking. This move could potentially reshape the landscape of Ether ETFs, marking a crucial shift in the industry.
Fidelity's amended 19b-4 filing explicitly states, "Neither the Trust, nor the Sponsor, nor the Custodian, nor any other person associated with the Trust will, directly or indirectly, engage in action where any portion of the Trust's ETH becomes subject to the Ethereum proof-of-stake validation or is used to earn additional ETH or generate income or other earnings."
CBOE Candidates Discontinue ETH Staking; Timely Filings Reflect Precision and Investor Interest
The other Chicago Board Options Exchange (CBOE)- sponsored candidates used comparable language. According to a proxy statement, Grayscale has also discontinued staking.
However, a venture capital firm, Cinneamhain Ventures partner, Adam Cochran, suggests that an approved spot Ether ETF without the staking feature could significantly increase staking returns. This prospect could pique the interest of many investors.
"ETFs without staking provide the same crucial boost to Ethereum's legitimacy while avoiding ETF tail risk and diluting my yield," added Ryan Berckmans, Ethereum community member and investor.
It's worth noting that all five CBOE registrations were meticulously timed, occurring over a 25-minute period between 9:35 pm and 10:00 pm UTC on May 21. This detail underscores the precision and importance of these filings, adding a sense of urgency to the situation.
According to Seyffart, the approved signed-off S-1 registration statements must follow 19b-4 filings before launching ETFs.
"Still a potentially long way from a launch. But these filings prove that all of the rumors and speculation and chatter have been accurate," he added.
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