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VanEck files amended prospectus ahead of expected approvals for spot Ethereum ETFs.

Wealth manager VanEck submitted an updated S-1 registration statement with the Securities and Exchange Commission (SEC) for its bid to launch an Ethereum (ETH) ETF that tracks spot prices.The filing was sent before the securities regulators deadline for all issuers to provide amended documents by Monday.

VanEck joined fellow crypto ETF manager Bitwise, which filed its S-1 on July 3. Other firms are expected to submit amended packages by the end of the day. Bloomberg analyst noted that VanEcks filing disclosed minimal changes and was merely a formality to comply with procedure.

Both firms already disclosed much of their respective spot Ethereum ETF details, including an initial fee waiver.

First S-1 just rolled in today from VanEck.. they already had their fee so nothing to see here really, they just putting ball back in SEC's court. Expecting the rest today except for Bitwise who did theirs last week. pic.twitter.com/gF6OZTKIrs

For spot Ether ETFs to begin trading, the SEC must greenlight the proposals for rule changes in 19b-4 forms and S-1s that allow entities to list ETF shares on authorized national exchanges.

In May, the agency approved eight 19b-4 forms filed by prospective spot ETH ETF issuers, including Bitwise and VanEck. This completed the first part of a two-step process and fuelled confidence that these Ethereum investment vehicles were imminent.

CNBC also reported that trading could begin as late as next week, creating a two-week window for the products debut, which falls within remarks from SEC chair Gary Gensler. Gensler testified before a Senate committee that spot ETH ETFs would most likely launch this summer.

After spot Bitcoin (BTC) ETFs launched in January, the crypto rose to an all-time high and has grown over 33% year-to-date despite a recent market decline.

Speculations around a similar price pattern for Ethereum now abound, with spot ETH ETFs seemingly around the corner. On one hand, proponents like Flipside Crypto data scientist Carlos Mercado surmise that an institutional wrapper might be detrimental for DeFis largest currency after Bitcoin.

Conversely, SCRYPT CEO Norman Wooding told crypto.news that institutional demand will directly lead to higher yield and catalyze higher prices for ETH in the long run.Ethereum had forfeited over 18% of its value in a month due to a broad market decline.

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VanEck files updated spot Ethereum ETF bid - crypto.news