Bitwise Ethereum ETF Files S-1/A Amendment
Ticker: ETHW · Form: S-1/A · Filed: Jul 3, 2024 · CIK: 2013744
Sentiment: neutral
Topics: ETF, cryptocurrency, filing, SEC
TL;DR
Bitwise Ethereum ETF just filed an S-1/A amendment. Looks like they're still working on getting it public.
AI Summary
Bitwise Ethereum ETF filed an S-1/A amendment on July 3, 2024, to its registration statement (No. 333-278308). The filing, originating from Delaware with principal offices at 250 Montgomery Street, San Francisco, CA, indicates an ongoing process for the public offering of its shares. The ETF is managed by Bitwise Investment Advisers, LLC.
Why It Matters
This filing is a step in the process for the Bitwise Ethereum ETF to become publicly available, potentially impacting the accessibility and investment landscape for Ethereum.
Risk Assessment
Risk Level: medium — The filing is an amendment to a registration statement for an ETF, which involves regulatory processes and market acceptance risks.
Key Numbers
- 333-278308 — Registration Number (Identifies the specific ETF registration with the SEC.)
Key Players & Entities
- Bitwise Ethereum ETF (company) — Registrant
- 333-278308 (dollar_amount) — SEC Registration Number
- July 3, 2024 (date) — Filing Date
- Bitwise Investment Advisers, LLC (company) — Investment Adviser
- 250 Montgomery Street, Suite 200 San Francisco, California 94104 (location) — Principal Business Address
FAQ
What is the purpose of this S-1/A filing?
This is an amendment to the Form S-1 registration statement for the Bitwise Ethereum ETF, indicating updates or revisions to the initial filing.
Who is the investment adviser for the Bitwise Ethereum ETF?
Bitwise Investment Advisers, LLC is the investment adviser, as indicated by their address and role in the filing.
When was this amendment filed?
The amendment was filed with the SEC on July 3, 2024.
What is the principal business address of the registrant?
The principal business address is 250 Montgomery Street, Suite 200, San Francisco, California 94104.
What is the SEC Act under which this registration statement is filed?
The registration statement is filed under the Securities Act of 1933.
Filing Stats: 4,444 words · 18 min read · ~15 pages · Grade level 15 · Accepted 2024-07-03 15:02:41
Key Financial Figures
- $3473.19 — On July 1, 2024, the Pricing Index was $3473.19. The Trust will pay to the Sponsor a u
- $500 million — ive the entire Sponsor Fee on the first $500 million of Trust assets. When the Trust create
- $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
- $2,500,000 — chase the initial Baskets of Shares for $2,500,000, at a per-Share price of $25 for these
- $100 million — est in purchasing an aggregate of up to $100 million of Shares in this offering from Authori
- $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_070324.htm (S-1/A) — 1264KB
- bitwise001.jpg (GRAPHIC) — 8KB
- bitwise002.jpg (GRAPHIC) — 4KB
- 0001999371-24-008247.txt ( ) — 1281KB
Risk Factors
Risk Factors 12 ETHER, ETHER MARKET AND REGULATION OF ETHER 68 THE TRUST AND ETHER PRICES 81 Calculation of NAV 87 ADDITIONAL INFORMATION ABOUT THE TRUST 89 The Trust’s Service Providers 94 Custody of the Trust’s Assets 96 THE PRIME EXECUTION AGENT AND the TRADE CREDIT LENDER 98 Form of Shares 105 Transfer of Shares 105 SEED CAPITAL INVESTOR 106 Plan of Distribution 106 Creation and Redemption of Shares 107
Use of Proceeds
Use of Proceeds 112 112 Conflicts of Interest 113 FIDUCIARY AND REGULATORY DUTIES AND OBLIGATIONS OF THE SPONSOR 114 Liability and Indemnification 115 Provisions of Law 117 Management; Voting by Shareholders 118 Meetings 118 Books and Records 118 118 Fiscal Year 119 GOVERNING LAW; CONSENT TO DELAWARE JURISDICTION 119 Legal Matters 119 Experts 119 Material Contracts 119 UNITED STATES FEDERAL INCOME TAX CONSEQUENCES 125 Purchases By Employee Benefit Plans 131 Information You Should Know 133 SUMMARY OF PROMOTIONAL AND SALES MATERIAL 133 Intellectual Property 133 Where You Can Find More Information 133 Privacy Policy 134 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 135 136 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 Prospect