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According to crypto index fund manager Bitwise Asset Management, Pentra Capital Management LP plans to invest $100 million in equity shares when the SEC approves the Ethereum ETF business.
The details were in Bitwise's revised S-1 filing with the Securities and Exchange Commission for the Bitwise Ethereum ETF. The filing also notes that Bitwise has raised $2.5 million in seed capital for the ETF. Seed capital is required before an ETF can operate and is usually provided by an institutional investor.
This follows an update from rival BlackRock, which raised $10 million in seed capital for iShares Ethereum Trust (ETHA) in late May.
Bitwise's updated filing indicates that since an interest in a particular investment is not a legal commitment, depending on market conditions, these potential buyers can buy more, less, or even walk away at the start of a trade.
In addition, Pantera Capital Management stated that if it buys the shares in accordance with the promise, they will not be able to trade in any open market for 6 months after the purchase.
Such shares may be disposed of only through redemption or transactions with one or more authorized entities.
The final submissions are the final step in the approval process before Ether ETFs are officially released. SEC Chairman Gary Gensler believes that will happen very soon.
According to Binance spot trading data, Ethereum is currently trading at $3,557, with a gain of almost 4% in the last 24 hours – perhaps a sign that traders think Ethereum is winning the regulatory battle against Gensler SEC.
As the SEC's enforcement division closed its investigation into “Ethereum 2.0” last night, Shared Consent is short for post-merger Ethereum, which saw the network switch from proof-of-work to proof-of-stake.
The dropped investigation means the SEC will no longer pursue charges that ETH sales are securities transactions.
“Today we are happy to announce a major victory for Ethereum developers, technology providers and industry participants: the SEC's enforcement division has informed us that it will close its investigation into Ethereum 2.0,” the company tweeted last night. “This means that the SEC will not issue charges that ETH sales are securities transactions.”
Edited by Stacy Elliott.
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