21Shares Files Updated S-1 Amendment For Spot Ethereum ETF
Highlights
- 21Shares has filed its S-1 amendment for spot Ethereum ETF
- The filing comes after VanEck's earlier filing with the US SEC
- The product is expected to be approved for trading this week
In response to the United States Securities and Exchange Commission’s (SEC) timeline, investment asset management firm 21Shares has submitted it S-1 amendments for spot Ethereum ETF.
21Shares Complies With SEC Timeline
Two weeks ago, the securities regulator returned S-1 registrations from spot Ethereum ETF filers, adding a few light comments.
The Commission then requested that a refiling of the S-1 documents be done by Monday, July 8. By this time, it is expected that the potential spot Ethereum ETF issuers will have addressed the concerns outlined in the S-1 feedback from the SEC. In response, a few filers have reached out to the SEC with their amendments.
The SEC received the 21Shares filing on Monday, just a few hours after noon. Notably, the submission reflects 21Shares’s compliance with the Commission’s request. It also shows its enthusiasm towards being amongst the first filers to list the spot Ethereum ETF for trading.
In the last few weeks following spot ETF May approval, the firm has taken many steps to ensure that it is on the SEC’s good side.
Spot Ethereum ETF Race: VanEck and 21Shares Takes The Lead
Just around mid-June, 21Shares appointed Federico Brokate as the Vice President, Head of U. S. Business.
The move is expected to strengthen the firm’s U.S. operations in light of the company’s growing business in the market. A look through Brokate’s work experience suggests that he was hand-picked to foster 21Shares’s expanding crypto ETF moves. He boasts of a strong background in the ETF industry strategy, distribution, and product development. Brokate was once the head of America’s iShares Business Strategy at BlackRock.
In another intentional move towards preparing for the SEC’s spot Ethereum ETF trading approval, 21Shares submitted the Form 8-A for its proposed rule change to the U.S. SEC. This filing allows the issuer to list and trade the product on an exchange. Therefore, it was a way for the firm to solidify its position among its counterparts. Noteworthy, 21Shares’s Form 8-A filing followed that of VanEck, another proactive spot Ethereum ETF filer.
VanEck has also filed its amended spot Ethereum ETF S-1 to the securities regulator. Both investment asset management firms have truly demonstrated commitment in the spot Ethereum ETF race.
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