ProShares Files S-1 Registration Statement for Ethereum ETF
ProShares has filed an S-1 registration statement for its spot Ethereum ETF on June 11, detailing the roles of various fund participants.
Among the key participants listed in the filing, Coinbase Credit will act as the company’s trade credit lender, enabling it to borrow Ethereum (ETH) and cash for specific transactions exceeding its trading balance.
Bank of New York Mellon has been designated as the transfer agent, responsible for processing purchase and redemption orders and maintaining fund ownership records.
Other roles outlined in the filing include BNY Mellon as administrator and cash custodian, Coinbase Custody as Ethereum custodian, Coinbase Inc. as prime execution agency, Delaware Trust Company as trustee, and ProShare Capital Management as sponsor.
The filing also allows for potential changes in roles, such as an initial two-year term for BNY Mellon’s administrator role with annual renewals. ProShares retains the option to add or terminate ETH custodians, cash custodians, and prime execution agents, while Coinbase can resign from its role as cash custodian.
The SEC has acknowledged NYSE Arca’s rule change proposal on behalf of ProShares, which would enable the exchange to list and trade shares of the fund if approved. However, the SEC has not yet approved the proposed rule change for ProShares’ fund, and there is no definitive timeline for approvals and launch at this time.
Bloomberg ETF analyst James Seyffart noted that ProShares’ fund may not launch concurrently with competing spot ETH ETFs, which have been seeking approval earlier. The SEC approved rule changes for eight competing spot Ethereum ETF applications on May 23, but has yet to approve their corresponding S-1 registrations.
As of now, there is uncertainty regarding when these funds will be launched in the market.
This article was posted in: Ethereum, US, ETF.
