Bitwise Revises S-1 for Spot Ether ETF as Pantera Potential $100M Investment

Bitwise Asset Management has taken a significant step forward by revising and submitting its Form S-1 registration statement for its spot Ether (ETH) exchange-traded fund (ETF). This crucial move is part of the final approval process required for the ETF to begin trading publicly on U.S. exchanges. The ETF is to provide investors with direct exposure to the value of Ether held by the Trust, listed under the ticker symbol “ETHW” on NYSE Arca, Inc.

Pantera Capital’s Potential Investment Boost

Bitwise’s filing with the United States Securities and Exchange Commission (SEC) said investment firm Pantera Capital Management “has indicated an interest in purchasing an aggregate of up to $100 million of Shares” in the Ether ETF.  Although Pantera’s indications are non-binding, this expression of interest highlights the significant confidence major investors have in the future of Ether ETFs.

Spot Ether ETF Approval on the Horizon

The SEC’s approval process for Ether ETFs has been progressing steadily. On May 23, the SEC approved 19b-4 filings from eight Ether ETF bidders. However, these applications still require Form S-1 approvals before the ETFs can commence trading. SEC Chair Gary Gensler has expressed optimism, anticipating that the public trading of spot Ether ETFs might begin by the end of this summer.

SEC Drops Ethereum Scrutiny: Impact on Approval

The SEC has concluded its investigation into Ethereum 2.0, deciding not to bring any charges against Ethereum’s proof-of-stake mechanism. Consensys, an Ethereum developer, confirmed this decision in a June 19 post, indicating that the SEC will no longer allege that sales of ETH are securities transactions.

Implications for the Crypto Market

Ethereum (ETH) has shown resilience, consolidating around the $3,520 support level. CrediBULL Crypto, a well-regarded analyst, notes a bullish outlook, suggesting lower price regions are now out of play. Nebraskangooner highlights consistent buying pressure below $3,450, indicating bullish strength despite a recent “death cross” formation.