Fidelity has amended its S-1 filing for an Ethereum spot ETF, according to documents filed Friday with the U.S. Securities and Exchange Commission (SEC).
The asset management firm is the first to file an amended S-1 registration statement with the SEC, kicking off what ETF analysts say could be a busy day for companies trying to gain approval to list stocks. Spot ETF on Ether.
Fidelity amends S-1 filing
Fidelity’s statement revealed an initial investment of $4.7 million for its ETF, with affiliate FMR Capital purchasing 125,000 shares to fuel the basket of funds. The company said in the statement that FMR acquired the 125,000 shares at $38 per share and then purchased 1,250 Ether with the proceeds.
Although it disclosed the initial capital for the Ether spot ETF, Fidelity did not include fees. Eric Balchunas, senior ETF analyst at Bloomberg, says this could be a “waiting” game for issuers as they evaluate what others are offering.
“Fidelity kicks off the S-1 marathon. However, no fees are included yet (Franklin only has one fee so far at 19 basis points). Bitwise didn’t include this either. Everyone is probably waiting until the last minute and/or BlackRock to reveal it and see what they need to orbit,” she posted on X.
In January, prior to the SEC’s approval of spot Bitcoin ETFs, issuers sought to take advantage by disclosing very low fees. Grayscale, which set the fee at 1.5%, saw massive outflows from its spot Bitcoin GBTC ETF.
No bets
In its update, Fidelity also confirmed that the asset manager’s ETF will not include staking. In proof-of-stake mechanisms, ETH holders can lock up their assets to participate in transaction validation and in return earn staking rewards.
The company’s initial statement in March had indicated the inclusion of staking, before a May update removed it.
When will spot Ether ETFs start trading?
The SEC approved Ethereum spot ETFs in May, giving the nod to applications from Fidelity, BlackRock, VanEck, Grayscale, Invesco Galaxy, Franklin Templeton, ARK 21Shares and Bitwise.
However, approval of Form 19b-4s was only the first step and a nod to Form S-1 will have to happen before ETFs hit exchanges for trading. In recent comments, SEC Chairman Gary Gensler told lawmakers that he expects the Commission to approve the S-1s “in the summer.”
Analysts believe this could happen as early as early July, with Bloomberg’s Balchunas pointing out that the launch date could be as early as July 2.
