YEREVAN (CoinChapter.com) — Constancy has amended an utility for a spot Ether (ETH) exchange-traded fund (ETF). In a June 21 submitting with the U.S. Securities and Alternate Fee (SEC), the corporate disclosed key particulars in regards to the fund’s setup.

Main Transfer: $4.7M Seed Capital

Constancy revealed that FMR Capital, an affiliate, invested $4.7 million to seed the fund. This cash was used to buy 1,250 ETH, with every share costing $38. This replace is a part of Constancy’s amended Kind S-1 Registration Assertion, a mandatory step to register investments for public sale.

Constancy’s amended utility follows the SEC’s approval for the itemizing and buying and selling of eight spot Ether ETFs from main asset managers, together with VanEck, BlackRock, and Grayscale.

Constancy’s Ether ETF Progresses With out Staking; SEC Approval Pending

Constancy confirmed it won’t have interaction in ETH staking. The submitting states,

“The Trust will not participate in the proof-of-stake validation mechanism of the Ethereum network (i.e., the Trust will not ‘stake’ its ether) to earn additional ether or seek other means of generating income from its ether holdings.”

This aligns with an modification made a month in the past, exhibiting Constancy’s deal with holding Ether with out staking.

The SEC’s approval of the rule change permitting the itemizing and buying and selling of those ETFs is a big step. Nevertheless, the ETFs nonetheless want the SEC’s remaining approval of their S-1 varieties earlier than buying and selling can begin.

Bloomberg ETF analyst Eric Balchunas famous that extra asset managers are anticipated to amend their filings on June 21. He predicts that these funds may debut on July 2. Balchunas wrote on X,

“We will see a bunch of amended S-1s filed today, prob later this afternoon. Then ball’s in SEC’s court to let issuers know about any final changes and effectiveness (aka final approval). We holding the line with July 2nd as our over/under for eth ETFs launch date.”

Bitwise and Hashdex Replace Proposals for Ether ETFs

Bitwise has additionally up to date its proposal with the SEC, together with a possible $100 million funding within the ETF from Pantera Capital upon its launch. This highlights the excessive stakes and curiosity surrounding these monetary merchandise.

Moreover, Hashdex is searching for regulatory approval for a mixed spot Bitcoin and Ether ETF on the Nasdaq trade. This proposal got here on June 18, shortly after Hashdex dropped plans for a sole Ether ETF.