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Fidelity has updated its S-1 filing for a spot Ethereum ETF, according to documents submitted to the U.S. Securities and Exchange Commission (SEC) on Friday.
The asset management firm is the first to amend its S-1 Registration Statement with the SEC, initiating what ETF analysts predict could be a busy period for firms aiming to list spot Ether ETFs.
Fidelity’s Amended S-1 Filing
Fidelity’s filing reveals a $4.7 million seed investment for its ETF, with affiliate FMR Capital purchasing 125,000 shares to seed the fund’s basket. The company disclosed that FMR acquired these shares at $38 each, with the proceeds used to buy 1,250 Ether.
While the seed capital for the Ether spot ETF was disclosed, Fidelity did not specify any fees. Eric Balchunas, a senior ETF analyst at Bloomberg, mentioned that this could be a strategic move as issuers wait to see what others offer.
“Fidelity kicking off the S-1-athon. No fee included yet tho (Franklin only one w fee so far at 19bps). Bitwise didn’t include either. Everyone likely waiting till last min and/or on BlackRock to disclose to see what they need to orbit around,” he posted on X.
In January, ahead of the SEC’s approval of spot Bitcoin ETFs, issuers aimed to attract investors by revealing very low fees. Grayscale, which set its fee at 1.5%, has experienced significant outflows from its GBTC spot Bitcoin ETF.
No Staking
In its update, Fidelity also confirmed that its ETF will not include staking. In proof-of-stake mechanisms, ETH holders can lock up their assets to participate in transaction validation and earn staking rewards in return. Fidelity’s initial filing in March had indicated the inclusion of staking, but an update in May removed it.
When Will Spot Ether ETFs Start Trading?
The SEC approved spot Ethereum ETFs in May, approving applications by Fidelity, BlackRock, VanEck, Grayscale, Invesco Galaxy, Franklin Templeton, ARK 21Shares, and Bitwise. However, the approval of the form 19b-4s was only the first step. A nod to the S-1s must occur before the ETFs can trade on exchanges.
SEC chair Gary Gensler recently told lawmakers that he expects the Commission to approve S-1s “in the summer.” Analysts believe this could happen as soon as early July, with Bloomberg’s Balchunas suggesting that the launch date could be as early as July 2.
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