A "seed capital investor" has bought an initial stake in BlackRock's spot Ether ETF

BlackRock filed a revised S-1 form for its proposed spot ether ETF, which disclosed more information about the product, showing that a "seed capital investor" had bought an initial stake in the product.
Form S-1 shows that on May 21, 2024, seed capital investors, an affiliate of the promoter, conditionally purchased the Seed Creation Basket, which includes 400,000 shares, at a price of $25.00 per share. The trust has a net asset value of $10,000,000.