While most of the applicants for the spot Ethereum ETF have revised their S-1 filings, Cathie Wood’s Ark Invest has taken a step back with a decision to withdraw the application. As a result, it has withdrawn its partnership with 21Shares.
21Shares To Go Solo with Ethereum ETF
ARK Invest has announced that it will not be launching an Ethereum ETF at this time. However, the firm remains committed to exploring ways to provide investors with exposure to Ethereum’s underlying technology.
ARK emphasizes its focus on leveraging its expertise in active management through a range of investment products. These include disruptive innovation equity ETFs, digital asset futures ETFs, and the ARK Venture Fund.
Notably, ARK is among the few companies that received approval from the SEC to launch a Bitcoin ETF in January. The firm is dedicated to its ARK 21Shares Bitcoin ETF (ARKB), underscoring its belief in making Bitcoin accessible to everyone at a low cost.
In a recent update, Bloomberg analyst Eric Balchunas revealed that 21Shares will now proceed with the Ethereum ETF independently. ARK Invest has been removed from the associated documentation and the ETF’s name. Despite this change, ARK and 21Shares continue to collaborate on Bitcoin and futures ETFs.
Additionally, Balchunas noted that there are no fees listed in any of the new S-1 filings, indicating that the anticipated fee war is currently on hold.
21Shares is doing the Ethereum ETF solo now, ARK has been dropped from the document and name, but they still remain partners on the Bitcoin and futures’ ETFs. Also no fees in any of the new S-1s. Fee war on hold for now. https://t.co/e7RHiuwITw
— Eric Balchunas (@EricBalchunas) May 31, 2024
Last Minute Filing of S-1 Forms
The U.S. SEC has directed issuers of prospective spot Ethereum ETFs to submit their amended S-1 forms by Friday. In the last-minute rush, Franklin Templeton submitted its S-1 filing on Friday. Despite this, it could take several weeks for these forms to become effective and for the new financial products to start trading.
Following the initial approval of spot Ethereum ETF applications last week, VanEck promptly submitted an amended S-1 form. On Thursday, BlackRock followed suit, filing an updated form that revealed its ETF would be seeded with $10 million.
The post Cathie Woods’ Ark Invest Withdraws Spot Ethereum ETF Application appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed