Bitwise's updated spot Ethereum ETF S-1, Pantera, discloses $100 million in potential stakes.

Bitwise Asset Management has released important updates to the S-1 registration form for its Ethereum (ETH) exchange-traded fund (ETF).

This disclosure comes as Bitwise and other major asset managers await approval from the U.S. Securities and Exchange Commission (SEC) to list and trade their products.

Bitwise explains ETF stocks and Pantera’s interests in detail

Bitwise detailed the creation and redemption process for Ethereum ETF shares in its updated Form S-1. The form states that shares will be created or redeemed in blocks of 10,000, with the value of each share determined by the amount of Ethereum it represents.

The updated filing revealed that parent company Bitwise Asset Management participated as a seed capital investor. The company purchased $200 worth of stock for the audit.

Additionally, its affiliate, Bitwise Investment Managers, LLC, will purchase an initial basket of shares valued at $2.5 million. The updated filing also states that Pantera Capital, a prominent cryptocurrency venture capital firm, has expressed interest in purchasing up to $100 million worth of shares.

Read more: Ethereum ETF explained: What it is and how it works

“If Pantera Capital Management LP, through one or more of its affiliated investment funds, purchases shares pursuant to an expression of interest, for a period of six months following such purchase, Pantera Capital Management LP, through one or more of its affiliated investment funds, will place such purchased shares on the open market. There will be no sale and the shares will be disposed of only through a redemption transaction with one or more authorized participants,” the filing said .

But Pantera's interest is not a binding commitment. Nonetheless, given Pantera's reputation and financial clout, its participation could significantly strengthen Bitwise's market position .

Bitwise is not alone in updating its S-1 form. Other large asset management companies, including BlackRock and Van Eck, also revised their documents . Like these asset managers, Bitwise has stated that neither the trust nor its affiliates will engage in Ethereum staking activities .

Read more: How to invest in Ethereum ETF?

The SEC's approval process is important for these ETFs to begin trading. The SEC has approved Form 19b-4, but issuers must still approve Form S-1 to proceed. Analysts including Bloomberg Intelligence's James Seifart and Eric Balchunas expected trading could begin as early as July 2.