BlackRock files amended S-1 registration statement for upcoming Ethereum ETF with more disclosures

BlackRock filed an amended registration statement for its proposed Ethereum fund, marking the latest move as firms work to list and trade their products. 

The world's largest asset manager filed its amended S-1 registration statement almost a week after the U.S. Securities and Exchange Commission approved 19b-4 forms for eight Ethereum ETFs, including BlackRock's proposed iShares Ethereum Trust. Issuers still need their S-1 statements to become effective before trading can begin. 

In the amended form, BlackRock disclosed information about its seed capital investor. 

"On May 21, 2024, the Seed Capital Investor, an affiliate of the Sponsor, subject to conditions, purchased the Seed Creation Baskets, comprising 400,000 Shares at a per-Share price equal to $25.00," BlackRock said in the revised filing, meaning the seed investment was $10 million. The asset manager also said the shares will be listed and traded under the ticker symbol "ETHA." 

The SEC has recently started conversations with issuers about their S-1 forms. It's unclear how long this process will take, but some analysts speculate that it could take weeks.

Bloomberg ETF analyst Eric Balchunas called BlackRock's amended S-1 a "good sign," in a post on X on Wednesday. 

"Prob see rest roll in soon. Then prob one more round of fine-tune comments from Staff. End of June launch a legit possibility altho keeping my o/u date as July 4th," Balchunas said.