The firm filed 19b-4 and S-1 forms with the SEC on June 7 and June 11.<\/p>\n
ProShares, an issuer of exchange-traded funds (ETFs) managing $70 billion in assets, has quickly emerged as a major contender in the race to bring spot Ether ETFs to market.<\/p>\n
On June 11, ProShares filed<\/a> an S-1 registration statement for a spot Ethereum ETF. The filing came one day after the U.S. Securities and Exchange Commission (SEC) acknowledged ProShares\u2019 19b-4 application, which it submitted just a few days earlier on June 7.<\/p>\n \u201cSEC just added the ProShares’ Ethereum ETF Filing to its website,\u201d said<\/a> James Seyffart, an ETF analyst at Bloomberg. \u201cThat is extremely quick. Instinct initially says this won’t launch on day one with the other ETFs whenever that is but who knows. This is interesting.\u201d<\/p>\n \u201cLooks like ProShares entering spot ETH ETF race,\u201d tweeted<\/a> Nate Geraci, co-founder of ETF Institute. \u201cWas always surprised they didn\u2019t launch spot BTC ETF.\u201d<\/p>\n Bank of New York Mellon (BNY Mellon) would act as administrator, cash custodian, and transfer agent for ProShares\u2019 spot Ether ETF. Coinbase would provide custody, execution, and credit services to the fund. Delaware Trust Company would serve as trustee, and ProShare Capital Management is the fund\u2019s sponsor.<\/p>\n Coinbase<\/a> Credit will serve as the company\u2019s trade credit lender, allowing it to borrow Ethereum (ETH) and cash for certain transactions that exceed its trading balance.<\/p>\n Bank of New York Mellon<\/a> will serve as transfer agent, processing purchase and redemption orders and maintaining fund ownership records.<\/p>\n The filing also details previously disclosed roles, including BNY Mellon\u2019s role as administrator and cash custodian, Coinbase Custody\u2019s role as Ethereum custodian, Coinbase Inc.\u2019s role as prime execution agency, Delaware Trust Company\u2019s role as trustee, and ProShare Capital Management\u2019s role as sponsor.<\/p>\n The news comes after the SEC approved the 19b-4 filings from eight prospective spot Ethereum ETF<\/a> issuers on May 23. The move paves the way for the Ether ETFs to begin trading once the SEC also approves their S-1 registration statements<\/a>, which the regulator has indicated will take place in the coming months.<\/p>\n The SEC\u2019s 19b-4 approvals comprised an abrupt change of heart from the SEC, which had appeared to exhibit hostility<\/a> towards the applicants in the months leading to the May deadline.<\/p>\nProShares launches leveraged ETFs<\/h2>\n