Bitwise Asset Management has revealed significant updates in its S-1 registration form for the company’s Ethereum (ETH) exchange-traded fund (ETF).

These disclosures come as Bitwise and other major asset managers await the US Securities and Exchange Commission’s (SEC) approval to list and trade these products.

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

The updated filing disclosed that Bitwise Asset Management, Inc., the parent company, served as the seed capital investor. It purchases shares worth $200 as a basis for the audit.

Additionally, Bitwise Investment Manager, LLC, an affiliate, is set to buy initial baskets of shares valued at $2.5 million. Moreover, the updated filing stated that Pantera Capital, a prominent crypto 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 the Shares in accordance with its indication of interest, during the six-month period following such purchase Pantera Capital Management LP, through one or more of its affiliated investment funds, will not sell such purchased Shares in any open-market sale and will only dispose of such Shares through a redemption transaction with one or more Authorized Participants,” the filing reads.

However, Pantera’s interest is not a binding commitment. Nonetheless, with Pantera’s reputation and financial clout, its involvement could significantly bolster Bitwise’s market position.

Bitwise is not alone in updating its S-1 forms. Other asset management giants, including BlackRock and VanEck, have also revised their filings. Like these asset managers, Bitwise also stated that neither the trust nor any affiliated entity would engage in Ethereum staking activities.

Read more: How to Invest in Ethereum ETFs?

The SEC’s approval process is critical for these ETFs to start trading. While the SEC has approved the 19b-4 form, issuers still need their S-1 forms approved to proceed. Analysts, including James Seyffart and Eric Balchunas from Bloomberg Intelligence, have projected that trading could commence as early as July 2.