Bitwise Ethereum ETF Files S-1/A for Public Offering
Ticker: ETHW · Form: S-1/A · Filed: May 31, 2024 · CIK: 2013744
Sentiment: neutral
Topics: etf, cryptocurrency, sec-filing, ethereum
TL;DR
Bitwise Ethereum ETF just filed an S-1/A, looks like they're getting ready to launch. ETH exposure incoming.
AI Summary
Bitwise Ethereum ETF filed an S-1/A amendment on May 31, 2024, to register its shares for public sale. The ETF, incorporated in Delaware, is managed by Bitwise Investment Advisers, LLC, located at 250 Montgomery Street, San Francisco, CA. This filing is an amendment to a previous registration statement (No. 333-278308) and indicates the proposed sale of securities is imminent.
Why It Matters
This filing is a crucial step for investors looking to gain exposure to Ethereum through a regulated ETF, potentially increasing institutional adoption and liquidity for the cryptocurrency.
Risk Assessment
Risk Level: medium — The filing pertains to a cryptocurrency-related ETF, which carries inherent volatility and regulatory risks associated with digital assets.
Key Numbers
- 333-278308 — SEC Registration Number (Identifies the specific registration statement being amended.)
Key Players & Entities
- Bitwise Ethereum ETF (company) — Registrant
- May 31, 2024 (date) — Filing date
- 250 Montgomery Street, Suite 200 San Francisco, California 94104 (location) — Registrant's address
- Bitwise Investment Advisers, LLC (company) — Investment Adviser
- 333-278308 (registration_number) — SEC Registration Number
FAQ
What is the purpose of this S-1/A filing?
The S-1/A filing is an amendment to the registration statement for the Bitwise Ethereum ETF, indicating updates and readiness for the proposed public sale of its shares.
Who is the investment adviser for the Bitwise Ethereum ETF?
The investment adviser is Bitwise Investment Advisers, LLC, located at 250 Montgomery Street, Suite 200, San Francisco, California.
When was this amendment filed with the SEC?
This amendment (S-1/A) was filed with the SEC on May 31, 2024.
What is the state of incorporation for the Bitwise Ethereum ETF?
The Bitwise Ethereum ETF is incorporated in Delaware.
What is the SEC file number associated with this registration?
The SEC file number is 333-278308.
Filing Stats: 4,433 words · 18 min read · ~15 pages · Grade level 14.9 · Accepted 2024-05-31 16:53:48
Key Financial Figures
- $3817.26 — On May 28, 2024, the Pricing Index was $3817.26. The Trust will pay to the Sponsor a
- $200 — eed Capital Investor agreed to purchase $200 in Shares on May 28, 2024, and on May 2
- $25 — ery of 8 Shares at a per-Share price of $25 (the “Seed Shares”). The $2
- $1.0 billion — o; upon the earliest of (i) when it has $1.0 billion or more in annual revenues; (ii) when i
- $18 million — d August 2014 that raised approximately $18 million which was used to fund the development
Filing Documents
- bitwise-s1a_053124.htm (S-1/A) — 1451KB
- ex3-1.htm (EX-3.1) — 240KB
- ex5-1.htm (EX-5.1) — 17KB
- ex8-1.htm (EX-8.1) — 27KB
- ex10-1.htm (EX-10.1) — 28KB
- ex10-2.htm (EX-10.2) — 326KB
- ex10-3.htm (EX-10.3) — 108KB
- ex10-4.htm (EX-10.4) — 397KB
- ex10-5.htm (EX-10.5) — 141KB
- ex10-6.htm (EX-10.6) — 158KB
- ex10-7.htm (EX-10.7) — 116KB
- ex23-1.htm (EX-23.1) — 3KB
- ex107.htm (EX-FILING FEES) — 34KB
- bitwise-001.jpg (GRAPHIC) — 2KB
- bitwise-003.jpg (GRAPHIC) — 1KB
- bitwise_021.jpg (GRAPHIC) — 41KB
- ex104001.jpg (GRAPHIC) — 3KB
- ex104002.jpg (GRAPHIC) — 3KB
- ex104003.jpg (GRAPHIC) — 2KB
- ex105001.jpg (GRAPHIC) — 6KB
- ex105002.jpg (GRAPHIC) — 7KB
- ex105003.jpg (GRAPHIC) — 2KB
- ex106001.jpg (GRAPHIC) — 4KB
- ex106002.jpg (GRAPHIC) — 2KB
- ex106003.jpg (GRAPHIC) — 5KB
- ex107001.jpg (GRAPHIC) — 2KB
- ex107002.jpg (GRAPHIC) — 2KB
- ex107003.jpg (GRAPHIC) — 4KB
- ex32001.jpg (GRAPHIC) — 2KB
- ex32002.jpg (GRAPHIC) — 4KB
- ex51001.jpg (GRAPHIC) — 92KB
- ex81001.jpg (GRAPHIC) — 92KB
- 0001999371-24-006936.txt ( ) — 3431KB
Risk Factors
Risk Factors 11 ETHER, ETHER MARKET AND REGULATION OF ETHER 65 THE TRUST AND ETHER PRICES 77 Calculation of NAV 83 ADDITIONAL INFORMATION ABOUT THE TRUST 86 The Trust’s Service Providers 90 Custody of the Trust’s Assets 93 THE PRIME EXECUTION AGENT AND the TRADE CREDIT LENDER 95 Form of Shares 101 Transfer of Shares 101 SEED CAPITAL INVESTOR 102 Plan of Distribution 102 Creation and Redemption of Shares 103
Use of Proceeds
Use of Proceeds 108 108 Conflicts of Interest 109 FIDUCIARY AND REGULATORY DUTIES AND OBLIGATIONS OF THE SPONSOR 110 Liability and Indemnification 111 Provisions of Law 113 Management; Voting by Shareholders 113 Meetings 114 Books and Records 114 114 Fiscal Year 114 GOVERNING LAW; CONSENT TO DELAWARE JURISDICTION 114 Legal Matters 115 Experts 115 Material Contracts 115 UNITED STATES FEDERAL INCOME TAX CONSEQUENCES 121 Purchases By Employee Benefit Plans 127 Information You Should Know 128 SUMMARY OF PROMOTIONAL AND SALES MATERIAL 128 Intellectual Property 129 Where You Can Find More Information 129 Privacy Policy 129 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 130 131 This Prospectus contains information you should consider when making an investment decision about the Shares. You may rely on the information contained in this Prospectus. The Trust and the Sponsor have not authorized any person to provide you with different information and, if anyone provides you with different or inconsistent information, you should not rely on it. This Prospectus is not an offer to sell the Shares in any jurisdiction where the offer or sale of the Shares is not permitted. Until __________, 2024 (25 days after the date of this prospectus), all dealers effecting transactions in the Shares, whether or not participating in this distribution, may be required to deliver a prospectus. This requirement is in addition to the obligations of dealers to deliver a prospectus when acting as underwriters and with respect to unsold allotments or subscriptions. The Sponsor first intends to use this prospectus on ______________, 2024. The Shares are not registered for public sale in any jurisdiction other than the United States. REGARDING FORWARD-LOOKING STATEMENTS This Pros