Ethereum Spot ETF Issuer Submits Revised Documents, VanEck and Franklin First to Disclose Management Fees

Yesterday evening, several Ethereum spot ETF issuers submitted revised S-1 forms, with VanEck and Franklin being the first to disclose significantly low management fees, putting pressure on BlackRock and other issuers. At the same time, Bloomberg analyst Eric Balchunas also expects Ethereum spot ETFs to be approved for listing on July 2.

Ethereum Spot ETF Issuers Successively Submit Amended Documents

After the market closed yesterday, several asset management companies including BlackRock's iShares, VanEck, Franklin Templeton, Fidelity, Grayscale Investments, Invesco Galaxy, and 21Shares submitted amended S-1 forms to the U.S. Securities and Exchange Commission (SEC).

VanEck, Franklin Templeton First to Disclose Management Fees

Among them, VanEck ETHV and Franklin Templeton were the first to publicly disclose the management fees for their Ethereum Spot ETFs, which are 0.20% and 0.19%, respectively.

However, issuers such as Fidelity, Bitwise ETHW, 21Shares, and BlackRock ETHA have not yet disclosed their management fee rates.

Disclosure of Seed Investments

Additionally, they have disclosed the amounts of seed investments they have received.

• 21Shares received approximately $340,000 for its company 21Shares US LLC
• Franklin Templeton received a total of approximately $100,000 in investments
• Invesco Galaxy received approximately $100,000 for its company Invesco Ltd
• Fidelity received approximately $4.7 million for its subsidiary FMR Capital

A few days ago, ETF issuer Bitwise, in the first updated S-1 form, revealed that crypto venture firm Pantera Capital will invest $100 million in its product with the code ETHW.

Bitwise First to Update Ethereum Spot ETF Document, Pantera Capital to Purchase $100 Million Stake

Bloomberg Analyst: Intense Competition in Management Fees, ETF Expected to Launch on July 2

Bloomberg analyst Eric Balchunas pointed out that VanEck's extremely low management fee is putting pressure on BlackRock to keep its fees below 0.3%:

It appears that the fees for the Ethereum Spot ETF will be as low as, if not lower than, the previous Bitcoin Spot ETF.

He also added that issuers such as Fidelity, Bitwise, and 21Shares have not yet disclosed their management fee rates, suggesting that everyone may wait until the last minute or until BlackRock discloses its fees before revealing the management fees.

Additionally, the analyst also predicted the launch of the Ethereum Spot ETF on July 2 this year.

Bloomberg Analyst: Ethereum Spot ETF Could Launch Early July

Final Step Before Ethereum ETF Listing

Previously, the SEC officially approved the 19b-4 form for eight Ethereum Spot ETFs at the end of May, allowing the aforementioned asset management companies to list and trade eight Ethereum Spot ETFs.

At that time, issuer Hashdex withdrew its application for the Ethereum Spot ETF and sought regulatory approval for a new type of ETF that combines Bitcoin and Ethereum spot.

Hashdex Applies for Bitcoin Ethereum Hybrid Spot ETF

However, as the final step before the Ethereum ETF is listed and trading begins, its S-1 registration statement must be effective, and the related documents have been amended multiple times in the past few weeks. In the current fierce competition, which issuer's product will stand out remains to be seen.