Bitwise modifies S-1 form to secure SEC approval for ETH ETF

Bitwise, a leader in the field of crypto fund controlling, has made certain changes to its S-1 form for Ethereum ETF by adding relevant information, enabling it to receive the SEC’s consent. 

This is as per the US Securities and Exchange Commission’s instructions and includes information related to its investments like the $2.5 million seed investment carried out by Bitwise Investment Manager, which is their subsidiary business. Through this, the company aims to be in a better position to gain consent from the agency for registering and trading in Ethereum ETFs.

Amongst the changes is the mention of a capital-acquiring procedure for the Bitwise Ethereum ETF. Bitwise Investment Manager has intentions of obtaining $2.5 million in terms of shares belonging to Seed Baskets, for $25 per share, amounting to a total of 100,000 shares. 

Further to that, Pantera Capital Management has aired its wanting to buy $100 million worth of shares. Even though there are no real compulsions, this inclination signifies a growing demand for cryptocurrency-oriented ETFs. 

The procedure of the Ethereum ETF makes it necessary to adhere to the set regulations. Earlier, the SEC granted its consent for 19b-4 forms, in the case of eight Ethereum ETFs, also involving Bitwise. In the situation for them to be utilized for trading, the need is for them to be activated.

Ethereum witnessed a price hike to the tune of 3.46%, standing at $3,557, before the Ethereum ETF release. This came with a jump to the extent of 3.50%, in terms of market capitalization. 

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Presently, all eyes are on the SEC, with anticipation that all will be resolved by July 04, 2024.

Harsh Chauhan

Harsh Chauhan is an experienced crypto journalist and editor at CryptoNewsZ. He was formerly an editor at various industries and has written extensively about Crypto, Blockchain, Web3, NFT and AI. Harsh holds a Bachelor of Business Administration degree with a focus on Marketing and a certification from the Blockchain Foundation Program. Through his writings, he hold the pulse of rapidly evolving crypto landscape, delivering timely updates and thought-provoking analysis. His commitment to providing value to readers is evident in every piece of content produced.

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