Asset Managers Rush to Update Ether Fund Applications as July Deadline Looms

  • Asset managers like BlackRock and Grayscale submitted updated Ethereum ETF filings to the SEC after an investigation into Ether ended.
  • The filings have spurred a fee reduction competition among managers, with VanEck and Franklin Templeton lowering management fees.
  • Approval of these ETFs could significantly boost ETH prices, with analysts predicting strong growth potential for Ethereum by 2030.

A number of applicants submitted renewed proposals for Spot Ethereum exchange-traded funds (ETFs) to the US Securities and Exchange Commission (SEC) late last week.

After the close of markets, asset managers BlackRock, Grayscale, Invesco Galaxy Digital and VanEck submitted updated S-1 filings. The filings are needed to commence trading of funds recently approved for listing by the SEC.

The move comes after the regulator ended an investigation into the security status of Ether.

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Less than a week ago, Consensys announced that the SEC was dropping its investigation into Ethereum, adding no further legal action would be taken. The news fuelled discussions that further altcoins ETFs, such as Solana and Cardano funds, could commence trading soon.

Filings Spark Price War Among Applicants

The new S-1 filings have also increased pressure on asset managers to lower fees, with VanEck’s filing showing a 0.2% management fee. Competitor Franklin Templeton had revealed it would charge a low 0.19% fee, while BlackRock has yet to make an official announcement.

Bloomberg’s senior ETF analyst Eric Balchunas believes VanEck’s move will keep BlackRock in check, adding pressure on the fund manager “to stay under the 30bps at least”.

The Ethereum ETFs, once approved, could potentially add a lot of momentum to the price of ETH. The Spot Bitcoin ETFs launched in January broke trading records for newly listed funds and billions of dollars in inflows.

Analyst: Ethereum ETFs Not Yet Priced In

Crypto analyst Adrian Zduńczyk said earlier in June that he believed the Ether funds have not yet been priced in. Unlike the Bitcoin funds – which seemed to be a ‘go-ahead’ for most observers – the Ether funds have not been so clear cut.

Many market watchers have been surprised by the SEC approving the listings on exchanges – a development seen by some as a politically motivated move.

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Nevertheless, Zduńczyk believes that ETH has room to grow to a massive US$154K (AU$232K) ETH price target by 2030 – a number backed by research done by VanEck. 

Aaron Feuerstein

Aaron Feuerstein

Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.

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