Ethereum ETF update: ProShares steps up with S-1 filing as ETH slides

However, financial institutions did not lose any enthusiasm and ETF applications continued to be submitted to the SEC.

According to the filing, Coinbase Credit will act as a critical partner by providing ProShares with a trade credit line. Meanwhile, Bank of New York Mellon will take on the role of transfer agent. This means they’ll be responsible for processing both purchases and redemption orders for the ETF, essentially keeping track of who owns shares within the fund.

Similarly, the ETF can add or remove custodians for both Ethereum and cash, as well as switch prime execution agencies at any time. Interestingly, Coinbase also retains the right to step down from its role as cash custodian.Despite the enthusiasm showcased by ProShares, the price of ETH continued to decline. At press time, ETH dipped below the $3,500 mark and was trading at $3,497.81.

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