21Shares Updates S-1 for Spot Ethereum ETF Amid SEC Timeline Compliance

• Major firms like VanEck and 21Shares filed S-1 amendments, signaling spot Ethereum ETF trading by mid-July.
• 21Shares’ prompt SEC compliance and strategic leadership hire boost its position in the spot Ethereum ETF race.
• The SEC’s feedback deadline has accelerated filings from key players, increasing anticipation for spot Ethereum ETFs.

The race to launch the first spot Ethereum ETF in the United States has gained significant momentum. As reported by Colin Wu, a Chinese reporter, early Monday, VanEck filed an amended S-1 registration statement for its spot Ethereum ETF, introducing minor changes to custody. This move was quickly followed by filings from other major players such as 21Shares, BlackRock, Fidelity, Franklin Templeton, and Grayscale. These developments signal a growing anticipation that trading for these ETFs may commence around July 15.

In a noteworthy move, 21Shares updated its S-1 amendment in response to the United States Securities and Exchange Commission’s (SEC) timeline. The firm aims to be among the first to launch a spot Ethereum ETF. 

Two weeks ago, the SEC returned S-1 registrations from spot Ethereum ETF filers, requesting minor adjustments. The Commission set a deadline for refiling by Monday, July 8, expecting potential issuers to address the concerns outlined in the S-1 feedback.

21Shares complied promptly, submitting its updated S-1 filing a few hours after noon on Monday. This timely submission demonstrates 21Shares’s dedication to aligning with the SEC’s requirements and its eagerness to lead in the spot Ethereum ETF market. 

Since the spot ETF gained regulatory clearance in May, the firm has been proactive in its efforts to gain the SEC’s approval. In addition to filing the S-1 amendment, 21Shares appointed Federico Brokate as the Vice President and head of U.S. Business in mid-June. 

Brokate’s extensive experience in ETF industry strategy, distribution, and product development makes him a valuable addition to 21Shares. His previous role as Head of America’s iShares Business Strategy at BlackRock underscores his expertise and suitability for driving 21Shares’s crypto ETF initiatives. Furthermore, 21Shares submitted Form 8-A for its proposed rule change to the SEC.

Similarly, VanEck has also filed its amended spot Ethereum ETF S-1 with the SEC. Both VanEck and 21Shares have shown considerable commitment and readiness in the race to launch a spot Ethereum ETF. Their proactive measures reflect a broader trend of leading investment asset management firms preparing for the anticipated approval and trading of spot Ethereum ETFs.