tl;dr
Investment asset management firm 21Shares has submitted S-1 amendments for a spot Ethereum ETF, complying with the SEC's timeline. The firm's filing reflects enthusiasm to be among the first to list the ETF for trading. Additionally, 21Shares has appointed a new Vice President, Head of U.S. Business...
21Shares complies with SEC timeline, submitting S-1 amendments for spot Ethereum ETF. 21Shares appoints Federico Brokate as VP, strengthens U.S. operations for growing crypto ETF business. 21Shares submits Form 8-A for proposed rule change to U.S. SEC, solidifying its position in spot Ethereum ETF race.
Investment asset management firm 21Shares has submitted S-1 amendments for a spot Ethereum ETF, complying with the SEC's timeline. The firm's filing reflects enthusiasm to be among the first to list the ETF for trading. Additionally, 21Shares has appointed a new Vice President, Head of U.S. Business, and submitted Form 8-A for its proposed rule change to the U.S. SEC, demonstrating its commitment to the spot Ethereum ETF race. VanEck, another ETF filer, has also submitted its amended S-1 to the SEC.
In response to the United States Securities and Exchange Commission’s (SEC) timeline, investment asset management firm 21Shares has submitted its S-1 amendments for spot Ethereum ETF.
21SHARES COMPLIES WITH SEC TIMELINE: Two weeks ago, the securities regulator returned S-1 registrations from spot Ethereum ETF filers, adding a few light comments. The Commission then requested that a refiling of the S-1 documents be done by Monday, July 8. By this time, it is expected that the potential spot Ethereum ETF issuers will have addressed the concerns outlined in the S-1 feedback from the SEC. In response, a few filers have reached out to the SEC with their amendments. The SEC received the 21Shares filing on Monday, just a few hours after noon. Notably, the submission reflects 21Shares’s compliance with the Commission’s request. It also shows its enthusiasm towards being amongst the first filers to list the spot Ethereum ETF for trading. In the last few weeks following spot ETF May approval, the firm has taken many steps to ensure that it is on the SEC’s good side.
SPOT ETHEREUM ETF RACE: VANECK AND 21SHARES TAKE THE LEAD: Just around mid-June, 21Shares appointed Federico Brokate as the Vice President, Head of U.S. Business. The move is expected to strengthen the firm’s U.S. operations in light of the company’s growing business in the market. A look through Brokate’s work experience suggests that he was hand-picked to foster 21Shares’s expanding crypto ETF moves. He boasts of a strong background in the ETF industry strategy, distribution, and product development. Brokate was once the head of America’s iShares Business Strategy at BlackRock. In another intentional move towards preparing for the SEC’s spot Ethereum ETF trading approval, 21Shares submitted the Form 8-A for its proposed rule change to the U.S. SEC. This filing allows the issuer to list and trade the product on an exchange. Therefore, it was a way for the firm to solidify its position among its counterparts. Noteworthy, 21Shares’s Form 8-A filing followed that of VanEck, another proactive spot Ethereum ETF filer. VanEck has also filed its amended spot Ethereum ETF S-1 to the securities regulator. Both investment asset management firms have truly demonstrated commitment in the spot Ethereum ETF race.