ProShares Files S-1 for Spot Ethereum ETF, Expands BNY Mellon and Coinbase’s Responsibilities

ProShares submitted an S-1 registration statement for its Ethereum ETF on June 11, confirming and expanding the roles of various fund participants. According to the documents, Coinbase Credit will serve as the company's trade credit lender, allowing it to borrow Ethereum (ETH) and cash for certain trades that exceed its trading balance. The Bank of New York Mellon will act as the transfer agent, processing purchase and redemption orders and maintaining ownership records of the fund.

The documents also detail previously disclosed roles, including the Bank of New York Mellon as administrator and cash custodian, Coinbase Custody as Ethereum custodian, Coinbase Inc. as primary execution agent, Delaware Trust Company as trustee, and ProShare Capital Management as sponsor. The documents allow for changes to each position, including an initial term of two years for the Bank of New York Mellon as administrator, with the option for annual renewal.

ProShares can also add or terminate Ethereum custodians, cash custodians, and primary execution agents at any time. In addition, Coinbase can choose to resign as cash custodian.