Fidelity Ether ETF Updates Filing, Announces $4.7M in Seed Capital

Investment giant Fidelity has updated its application to acquire an Ether (ETH) exchange-traded fund (ETF).

In a June 21 filing with the United States Securities and Exchange Commission, Fidelity amended its Form S-1 registration statement, which is required to register investments for public sale.

The new filing shows FMR Capital, a Fidelity affiliate, bought 125,000 shares at $38, seeding the fund's basket with $4.7 million. The money was used to buy 1,250 Ether (ETH).

He also confirmed that Fidelity does not participate in ETH. Stacking services were removed from the company's initial proposal a month ago on May 21.

Providing that the Trust does not participate in the Ethereum network's share verification mechanism (i.e. the Trust does not ‘take' Ether) in order to obtain additional Ether or to find a way to monetize Ether holdings.

The SEC has approved a rule change that will allow listing and trading of eight spot ether ETFs, including major asset managers VanEyck, BlackRock, Fidelity, Greyscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy and Bitwise. ETFs still need SEC approval for their S-1 forms before they can start trading.

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According to Bloomberg ETF analyst Eric Balchunas, more asset managers are expected to update their records on June 21. The analyst predicts the fund's debut on July 2. Balchunas wrote on X:

“This afternoon we will see Probe Upgraded S-1 clusters. It will then be in the SEC court to notify the bidders of any final changes and effectiveness (final approval). We hold the line with July 2nd as the launch date for eth ETFs.

Bitwise updated its proposal with the SEC. On June 19, the asset manager included a potential $100-million investment in the ETF from Pantera Capital when it began trading.

Another asset manager that requires regulatory approval is Hashdex. On June 18, the company proposed to create a combined Bitcoin (BTC) and Ether ETF on the Nasdaq exchange. A few weeks before this filing, Hashdex dropped its plans to offer a standalone Ether ETF.

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