ProShares Files S-1 for Spot Ethereum ETF, Expands BNY Mellon and Coinbase Roles.
ProShares filed an S-1 registration statement for its spot Ethereum ETF on June 11, confirming and expanding the roles of various fund participants.
According to the filing, Coinbase Credit will act as the company’s trade credit lender, allowing it to borrow Ethereum (ETH) and cash for certain transactions that exceed the transaction balance.
The Bank of New York Mellon acts as transfer agent, processing purchase and redemption orders and maintaining records of ownership of the Funds.
The filing also details previously disclosed roles, including BNY Mellon’s role as administrator and cash custodian, Coinbase Custody’s role as Ethereum custodian, Coinbase Inc.’s role as principal executor, Delaware Trust Company’s role as custodian, and ProShare Capital Management’s role as sponsor. It is explained. .
The filing allows for changes to each role, including an initial two-year term for BNY Mellon’s manager role that will be renewed annually.
ProShares may also add or terminate ETH Custodians, Cash Custodians, and Principal Execution Agents at any time. Additionally, Coinbase has the option to step down from its role as cash custodian.
Some applications from other companies allow comparable but not identical changes across participants.
The S-1 follows the 19b-4 rule change.
The SEC acknowledged the rule changes proposed by NYSE Arca on behalf of ProShares. If approved, the changes will allow the exchange to list and trade the fund’s shares.
The SEC has not yet approved proposed rule changes related to funds in ProShares. A decision is expected to take weeks or months, according to market forecasts. However, as of press time, there is no clear timeline for approval and release.
Bloomberg ETF analyst James Seyffart said the fund may not launch alongside rival spot ETH ETFs, which began receiving approvals earlier.
The SEC approved changes to the application rules for eight competing branch Ethereum ETFs on May 23. It has not yet approved each fund’s respective S-1 registration, which would allow the issuer to launch the fund.
