VanEck files S-1 for spot Ethereum ETF

Key Takeaways

• VanEck has officially filed an S-1 for a spot Ethereum ETF with the SEC.
• The SEC's decision on VanEck's Ethereum ETF is highly anticipated.

Asset management firm VanEck has officially submitted an S-1 registration form to the US Securities and Exchange Commission (SEC) for a spot Ethereum exchange-traded fund (ETF). The filing represents a key step toward potentially launching the first spot Ethereum ETF in the country.

According to the preliminary prospectus, the proposed VanEck Ethereum ETF would trade on the Cboe BZX Exchange under the ticker symbol “ETHV.”

The fund’s objective is to reflect the performance of Ethereum’s price, minus expenses. According to Bloomberg ETF analyst Erich Balchunas, this move from VanEck should promptly be followed by similar filings from other issuers within the day, except from Bitwise, which has already filed its S-1 a week before.

The ETF would hold actual Ethereum and value its shares daily based on the MarketVector Ethereum Benchmark Rate. This index is calculated using prices from what VanEck considers the top five Ethereum trading platforms.

Notably, the filing states that neither the trust nor any associated parties will engage in Ethereum staking or other yield-generating activities with the fund’s assets. The ETF would initially only allow cash creations and redemptions by authorized participants.

VanEck’s filing comes as the crypto industry awaits the SEC’s approval of the first spot Ethereum ETF, which could provide a more direct exposure to Ethereum’s price movements compared to existing futures-based products. ETF analysts such as Nate Geraci estimate that issuers are already “ gearing up for launch ” in the next couple of weeks.

However, the path to approval remains uncertain. To date, the SEC has not yet approved any spot crypto ETFs, citing concerns around market manipulation and investor protection. The regulator will review VanEck’s application in the coming weeks.

This story is developing and will be updated.