BITO issuer ProShares officially enters the Ethereum spot ETF battle

Bitcoin strategy ETF BITO issuer ProShares submitted an S-1 form to the SEC on 6/11, officially joining the Ethereum spot ETF battle. The U.S. Securities and Exchange Commission (SEC) has already approved the 19b-4 form for eight Ethereum spot ETFs on 5/23, and is currently waiting for the approval of the S-1 form. Will the newly added ProShares have the opportunity to compete with other ETFs for listing on the same day?

ProShares Tracks Bitcoin and Ethereum Performance through Futures

ProShares' Bitcoin Strategy ETF BITO is the first Bitcoin futures ETF in the U.S. market, listed on the New York Stock Exchange in October 2021, issued by the fund management company ProShares, with a management fee of 0.95%. As of the end of May, BITO had an asset size of approximately $2.11 billion. It tracks the value of Bitcoin through investments in Bitcoin futures on the Chicago Mercantile Exchange (CME).

In addition, ProShares also offers the Ethereum Strategy ETF EETH, as well as two strategic ETFs, BETE and BETH, which combine Bitcoin and Ethereum, all tracking the returns of their underlying assets through futures. ProShares had not previously entered the Bitcoin spot ETF arena.

ProShares Joins the Ethereum Spot ETF Arena

ProShares submitted an S-1 form to the SEC on 6/11, officially entering the Ethereum spot ETF arena.

The trustee is Delaware Trust Company, Ethereum custodian is Coinbase Custody Trust Company, LLC, and the cash custodian and fund manager is The Bank of New York Mellon. It will be listed on the NYSE Arca exchange.

The U.S. Securities and Exchange Commission (SEC) officially approved 19b-4 forms for eight Ethereum spot ETFs on 5/23. However, for these products to start trading, their S-1 registration statements need to be effective, and according to Bloomberg ETF analysts, it will take at least a few more weeks. Will the newly added ProShares have the opportunity to be listed on the same day as other ETFs?