Spot Ethereum ETF issuers post fee and seed investment disclosures in latest wave of amended filings

Quick Take

  • BlackRock, Invesco Galaxy, VanEck, Franklin Templeton, Grayscale Investments and 21Shares filed those amended statements on Friday. Bitwise and Fidelity filed earlier.
  • VanEck set its fee at 0.20% after Franklin Templeton set theirs last month at 0.19%. Other issuers have not yet posted fees.  

Firms fighting for a foothold in the Ethereum ETH +1.27% exchange-traded fund market submitted their amended registration statements in the last hours of the workweek. These filings furnished further details on seed investments and fees as they await the Securities and Exchange Commission's final sign-off.

BlackRock, VanEck, Franklin Templeton, Grayscale Investments, Invesco Galaxy and 21Shares filed those amended statements Friday afternoon. So far, two of the issuers have disclosed fees. In May, Franklin Templeton set its fee at 0.19% for its Ethereum ETF. On Friday, VanEck disclosed its fee would be set at 0.20%. 

"VanEck is in and so is their fee, which will be 0.20%, which is pretty damn low, right around Franklin's 0.19%," said Eric Balchunas, senior Bloomberg ETF analyst in a post on X on Friday. "Adds a touch of pressure on BlackRock to stay under 30bps at least. So far looks like Eth gonna be as low or even lower fees than btc."

The SEC approved 19b-4 forms for eight Ethereum ETFs last month. Issuers still need their registration statements, called S-1s (or S-3, in the case of Grayscale, which is seeking to convert its Ethereum Trust to an ETF), to become effective before trading can begin. Earlier this year, the SEC approved a slew of spot bitcoin ETFs with fees closer 0.21% and 0.39%. 

Firms also disclosed seed investments on Friday. 21 Shares US LLC, which serves as the sponsor for the 21Shares Core Ethereum ETF, was the seed capital investor for the fund, the firm said in its amended filing. The sponsor bought 20,000 shares on June 18 adding to a $340,739 seed investment, according to the filing. 

"In its capacity as the Seed Capital Investor, 21Shares US LLC has acted as a statutory underwriter in connection with this purchase," 21 Shares said. "The total proceeds to the Trust from the sale of the Initial Seed Creation Baskets were $340,739."

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Franklin Templeton also disclosed its seed investment totaling $100,000 in its amended filing for the Franklin Ethereum ETF. 

Grayscale, along with other issuers, added more disclosures about Ethereum and risks in their amended filings. 

 An amended registration statement was also filed on Friday for the Invesco Galaxy Ethereum ETF, which disclosed that it received a seed investment of $100,000 from Invesco Ltd.

Balchunas has said he expects the products to launch by July 2. 

Updated at 9:45 p.m. UTC on June 21 to include details about the Invesco Galaxy Ethereum ETF


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Sarah is a reporter at The Block covering policy, regulation and legal happenings. Before, Sarah was a reporter with CQ Legal writing about securities regulation, which is where she first started reporting on crypto. Sarah has also written for The Bond Buyer and American Banker, among other finance-related publications. She graduated from the University of Missouri and earned a degree in print and digital journalism. Sarah is based in Washington D.C., and is an avid coffee lover. You can follow her on Twitter @ForTheWynn.

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