VanEck Files Amended Prospectus for Spot Ethereum ETFs

Wealth manager VanEck has submitted an updated S-1 registration statement with the Securities and Exchange Commission (SEC) for its bid to launch an Ethereum (ETH) ETF that tracks spot prices. This filing was sent before the SEC’s deadline for all issuers to provide amended documents by Monday.

VanEck joins fellow crypto ETF manager Bitwise, which filed its S-1 on July 3. Other firms are also expected to submit amended packages by the end of the day. A Bloomberg analyst noted that VanEck’s filing disclosed minimal changes and was merely a formality to comply with procedural requirements. Both firms had already disclosed much of their respective spot Ethereum ETF details, including an initial fee waiver.

The first S-1 from VanEck rolled in today. They already had their fee structure set, so nothing significant has changed. This move puts the ball back in the SEC’s court. Expect the rest of the firms to submit their filings today, except for Bitwise, which did theirs last week.

“First S-1 just rolled in today from VanEck… they already had their fee so nothing to see here really, they just putting ball back in SEC’s court.” — Eric Balchunas (@EricBalchunas)

For spot Ether ETFs to begin trading, the SEC must greenlight the proposals for rule changes in 19b-4 forms and S-1s that allow entities to list ETF shares on authorized national exchanges.

In May, the agency approved eight 19b-4 forms filed by prospective spot ETH ETF issuers, including Bitwise and VanEck. This completed the first part of a two-step process and increased confidence that these Ethereum investment vehicles were becoming a reality.

Reports indicate that trading could begin as soon as next week, creating a two-week window for the product’s debut. SEC chair Gary Gensler had testified before a Senate committee that spot ETH ETFs would most likely launch this summer.

After spot Bitcoin (BTC) ETFs launched in January, the cryptocurrency rose to an all-time high and has grown over 33% year-to-date, despite a recent market decline. Speculations around a similar price pattern for Ethereum are now widespread, with spot ETH ETFs seemingly imminent.

Proponents like Flipside Crypto data scientist Carlos Mercado speculate that an institutional wrapper might negatively impact DeFi’s largest currency after Bitcoin. Conversely, SCRYPT CEO Norman Wooding believes that institutional demand will lead to higher yields and catalyze higher prices for ETH in the long run. Ethereum had forfeited over 18% of its value in a month due to a broad market decline.

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