ARK and 21Shares drop staking plans from Ethereum ETF proposal
Bloomberg ETF analyst Erich Balchunas suggests the update may be a response to potential SEC feedback despite no official comments.
ARK Invest and 21Shares have removed staking plans from their updated spot Ether exchange-traded fund proposal.
In the updated filing submitted on Friday, May 10, the clause stating 21Shares would stake a portion of the fund’s assets through third-party providers was removed. It previously said, “Sponsor may, from time to time, stake a portion of the Trust’s assets through one or more trusted Staking Providers.”
In their Feb. 7 filing, the companies included a clause stating that 21Shares anticipated receiving ETH as a reward for staking and intended to classify the resulting earnings as income generated by the fund.
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Author: Amaka Nwaokocha
