BlackRock updates S-1 filing, further advancing approval of spot Ethereum ETF
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BlackRock updates S-1 filing, further advancing approval of spot Ethereum ETF
The S-1 filing may be approved in the coming weeks, paving the way for the launch of spot Ethereum ETFs.
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BlackRock revised its S-1 registration statement for its spot Ethereum ETF in a filing submitted on May 29, marking a step forward toward approval.
The filing builds upon the initial registration statement originally submitted by BlackRock in November 2023.
Bloomberg ETF analyst James Seyffart noted that this submission is a move toward launch following the SEC's approval of the 19b-4 listing rule change on May 23.
Seyffart reiterated his belief that the S-1 could be approved within the coming weeks, facilitating the launch of a spot Ethereum ETF, though he acknowledged that “under normal circumstances, approval takes months.”
The S-1 filing fills in several placeholder fields, including details about seed funding.
According to the filing, the fund received $10 million in proceeds from the purchase of 400,000 shares of seed capital at $25 per share through BlackRock Financial Management, Inc.
The iShares Delaware Trust Sponsor may charge up to $500,000 annually, with the latest filing not specifying the sponsor fee as a percentage.
The trust will issue and redeem shares in blocks of 40,000 units, under the ticker symbol ETHA.
Wilmington Trust National Association will serve as the Delaware trustee, while BNY Mellon will act as the trust administrator and cash custodian.
The updated S-1 also reintroduces the possibility of in-kind creation and redemption, which would allow authorized participants to transact in crypto assets rather than cash.
The fund acknowledges that approval for in-kind transactions is not guaranteed and the timing remains uncertain. BlackRock’s original S-1 briefly mentioned the potential for in-kind creation and redemption.
However, a revised notice to Nasdaq’s April-filed 19b-4 stated that authorized participants would rely solely on cash when creating and redeeming fund shares.
The latest S-1 also explicitly states that BlackRock will not participate in ETH staking, consistent with Nasdaq’s second amended 19b-4 filing on behalf of BlackRock dated May 22.
Currently, all other Ethereum ETF issuers have also removed staking provisions from their applications.
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