Ethereum ETF Preparations Ramp Up As Fidelity, Grayscale, And VanEck Lead The Charge

Preparations for spot Ethereum ETFs (exchange-traded funds) moved into overdrive with a flurry of updated filings by fund management giants including Fidelity, Grayscale and VanEck.

Cboe BZX updated 19b-4 filings for five spot Ethereum ETF applications, VanEck’s ETH ETF fund was listed on the Depository Trust and Clearing Corporation’s (DTCC) website, and Fidelity and Grayscale amended their applications to exclude staking.

Form 19b-4s for the VanEck Ethereum Trust, Franklin Ethereum Trust, Invesco Galaxy Ethereum ETF, ARK 21Shares Ethereum ETF and Fidelity Ethereum Fund were updated by Cboe BZX towards the end of May 21.

The filings follow increased market optimism that the Securities and Exchange Commission (SEC) is moving to prepare for the launch of spot ETH ETF this month.

“Still a potentially long way from a launch,” said Bloomberg ETF analysts James Seyffart on X. “But these filings prove that all of the rumors and speculation and chatter have been accurate.”

Still a potentially long way from a launch. But these filings prove that all of the rumors and speculation and chatter have been accurate. Need to actually see SEC approval orders on all the 19b-4s AND THEN we need to see S-1 approvals. Could be weeks or more before ETFs launch

— James Seyffart (@JSeyff) May 21, 2024

“Need to actually see SEC approval orders on all the 19b-4s AND THEN we need to see S-1 approvals,” Seyffart added.

Preparations In Full Swing Ahead Of Potential Approval

Still, preparations by applicants are now in full swing. Global investment manager VanEck’s fund was listed on the DTCC’s website. 

The listing is part of the preparation process, and does not serve as a confirmation of the fund’s full launch, according to the DTCC’s website. VanEck’s spot Ethereum ETF has been marked with an “N” under the list’s create/redeem column.

Meanwhile, Grayscale and Fidelity have both amended their applications ahead of the potential approval from the SEC. Both asset managers updated their filings to exclude the proposal to allow investors to stake ETH through their respective funds.

Looks like Grayscale is removing their staking language for their filing to convert $ETHE into an ETF. (This is/was expected) https://t.co/iccI7inQnh

— James Seyffart (@JSeyff) May 21, 2024

Grayscale hopes to convert its Ethereum trust to a spot Ethereum ETF, similar to the conversion of its Bitcoin trust to a spot Bitcoin ETF.

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