Asset manager ARK Invest and fintech firm 21Shares have made significant changes to their application for an Ethereum exchange-traded fund (ETF). The revised registration statement, submitted to the U.S. Securities and Exchange Commission (SEC) on May 10th, removes the option to stake a portion of the fund’s assets. Staking, which involves locking digital assets to a proof-of-stake blockchain, allows cryptocurrency holders to earn rewards and support network operations. Bloomberg senior ETF analyst Eric Balchunas speculates that the removal of the staking provision may be an attempt to address potential SEC concerns or increase the chances of approval. However, Balchunas remains pessimistic about the likelihood of the SEC approving spot Ethereum ETF applications.