Deniz 
Rebranding the fund from Ark 21Shares Ethereum ETF to 21Shares Core Ethereum ETF, 21Shares has amended its application for their Ethereum spot ETF S-1. ARK Invest will also be no longer affiliated with the ETF after breaking its agreement with 21Shares.
The most recently changed Form S-1 claims there are no revised fees. A spokesman from ARK Invest said that the company has opted not to proceed with an Ether ETF at this time, citing a need to review its investment approach even if Ethereum’s innovative potential and long-term worth are acknowledged.
Continued Collaboration on Other Projects
This choice, however, has no bearing on the continuous cooperation between 21Shares and ARK Invest on other initiatives like the January-launched ARK 21Shares Bitcoin ETF.
21Shares sponsored the ETF in their joint arrangement; Delaware Trust Company served as the trustee. While ARK Investment Management was a sub-adviser in charge of selling the shares to investors, Coinbase Custody Trust Company safely retained the underlying Ether assets.
Related: ARK Invest and 21Shares Revamp Ethereum ETF for Approval
Apart from Bitcoin and Ethereum futures, the pair debuted another product called the ARK 21Shares Blockchain and Digital Economy Innovation ETF. This ETF is made to invest in the public stocks of firms in the blockchain industry.
This gives investors what 21 Shares says is a “holistic exposure” to the expansion of blockchain technology.
Changes to Spot Ether ETF Proposal
On Friday, May 10, ARK Invest and 21Shares changed their spot Ether exchange-traded fund proposal. They shelved intentions to allocate some fund assets to third-party vendors.
The firms had included in their Feb. 7 filing a language noting that 21Shares expected receiving ETH as a reward for staking and intended to count the associated earnings as income earned by the fund.
ARK Invest and 21Shares applied for a seat in the in the Ether ETF in September 2023. Using the CME CF Ether-Dollar Reference Rate—New York Variant, the fund seeks to give Ether direct exposure and trade on the Cboe BZX Exchange.
The U.S. Securities and Exchange Commission accepted 19b-4 forms for eight Ethereum ETFs last Monday. Before trading starts, issuers still need their S-1 statements to become effective.