Bitwise Ethereum ETF Amends S-1 Filing
Ticker: ETHW · Form: S-1/A · Filed: Jul 17, 2024 · CIK: 2013744
Sentiment: neutral
Topics: ETF, cryptocurrency, filing, Ethereum
TL;DR
Bitwise Ethereum ETF just filed an S-1/A amendment. Looks like they're getting closer to launching.
AI Summary
Bitwise Ethereum ETF filed an S-1/A amendment on July 17, 2024, for its registration statement. The filing, with registration number 333-278308, indicates an amendment to its proposed public sale of shares. The ETF is incorporated in Delaware and its principal executive offices are located at 250 Montgomery Street, San Francisco, CA.
Why It Matters
This amendment to the S-1 filing is a step in the process for the Bitwise Ethereum ETF to become publicly tradable, potentially offering investors a new way to gain exposure to Ether.
Risk Assessment
Risk Level: medium — The ETF's success and value are tied to the volatile cryptocurrency market, specifically Ether.
Key Numbers
- 333-278308 — Registration Number (Identifies this specific ETF registration with the SEC.)
- 20240717 — Filing Date (The date the amendment was officially submitted to the SEC.)
Key Players & Entities
- Bitwise Ethereum ETF (company) — Registrant
- July 17, 2024 (date) — Filing date
- 333-278308 (other) — SEC Registration Number
- Delaware (location) — State of incorporation
- 250 Montgomery Street, Suite 200 San Francisco, California 94104 (location) — Principal executive offices
- Bitwise Investment Advisers, LLC (company) — Manager/Advisor
FAQ
What is the purpose of this S-1/A filing?
This is an amendment to the Form S-1 Registration Statement, indicating changes or updates to the initial filing for the Bitwise Ethereum ETF, as filed with the SEC on July 17, 2024.
Who is the registrant for this filing?
The registrant is the Bitwise Ethereum ETF, with Bitwise Investment Advisers, LLC serving as its principal executive offices.
What is the SEC registration number associated with this filing?
The SEC registration number is 333-278308.
Where are the principal executive offices of the Bitwise Ethereum ETF located?
The principal executive offices are located at 250 Montgomery Street, Suite 200, San Francisco, California 94104.
In which state was the Bitwise Ethereum ETF incorporated?
The Bitwise Ethereum ETF was incorporated in Delaware.
Filing Stats: 4,445 words · 18 min read · ~15 pages · Grade level 15.1 · Accepted 2024-07-17 16:38:03
Key Financial Figures
- $3,468.20 — On July 16, 2024, the Pricing Index was $3,468.20. 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_071124.htm (S-1/A) — 1261KB
- ex10-1.htm (EX-10.1) — 24KB
- ex107.htm (EX-FILING FEES) — 15KB
- bitwise001.jpg (GRAPHIC) — 8KB
- bitwise002.jpg (GRAPHIC) — 4KB
- 0001999371-24-008735.txt ( ) — 1318KB
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 July __, 2024. The Shares are not registered for public sale in any jurisdiction other than the United States. REGARDING FORWARD-LOOKING STATEMENTS This Prospectus incl