Ethereum
Analysts predict Spot Ethereum ETF launch on July 15
Asset manager Bitwise recently updated its S-1 filing for its Ethereum spot exchange-traded fund (ETF).
The regulatory approval process for this ETF remains crucial, with industry experts closely monitoring developments.
Bitwise’s Latest Filing Signals One Step Closer Towards Ethereum Spot ETF Listing
Bitwise submitted its updated S-1 form to the U.S. Securities and Exchange Commission (SEC) on Wednesday. The company’s latest filing includes a six-month fee waiver plan of up to $500 million. The move mirrors the strategy of VanEck, another potential spot Ethereum ETF issuer, which has also introduced a fee waiver for its ETF until 2025 or until the fund reaches $1.5 billion in assets.
Learn more: Ethereum ETF Explained: What It Is and How It Works
However, Bitwise’s updated Form S-1 does not specify the exact date when the listing and trading on the New York Stock Exchange (NYSE) Arca will begin. The form only states that it will occur “as soon as practicable after the effective date” of the registration.
BeInCrypto reported that Bitwise also updated its S-1 form earlier in June. In its June update, the asset manager revealed details of the process for creating and redeeming its Ethereum ETF shares. Additionally, it revealed that the Bitwise subsidiary planned to purchase initial baskets of shares worth $2.5 million and that venture capitalist Pantera Capita was interested in buying up to $100 million worth of shares.
Analysts have been closely following developments surrounding the potential launch of the Ethereum spot ETF. James Seyffart, ETF analyst at Bloomberg Intelligence, noted that the recent changes to Bitwise’s S-1 filing were minimal. He suggested that ETFs may be ready to list in a few weeks.
“We received another amended S-1 from Bitwise for their Ethereum ETF. Expect more from other issuers throughout the remainder of the week. We believe these items could potentially list later next week or the week of June 15th at this point,” Seyffart said. wrote on his X (Twitter).
Eric Balchunas, another ETF analyst at Bloomberg Intelligence, echoed similar sentiments. He mentioned that Bitwise’s early filing could indicate a quick response to the SEC’s comments despite the overall slow approval process.
“It could be a ‘problematic’ transmitter slowing down the process or just summer laziness, or people who vacation. I’m not sure. That said, all indications are still valid for this month. More details to come next week,” Balchunas said. said.
Market watchers eagerly await final SEC approval
Industry experts believe that the introduction of an Ethereum spot ETF is set to have a huge impact on the cryptocurrency market. Ryan Lee, chief analyst at Bitget Research, highlighted the growing demand for Ethereum spot ETFs.
“Demand for spot Ethereum ETFs has increased significantly since the SEC greenlighted issuers’ Form 19b-4s. This initial greenlight serves as a positive catalyst that could validate the $5 billion inflow projection,” Lee told BeInCrypto.
The SEC approval process remains critical for these ETFs to begin trading. SEC Approves Forms 19b-4Issuers still need to have their S-1 forms approved to proceed. Unlike Forms 19b-4, the S-1 does not have a specific deadline, adding an element of uncertainty to the launch timeline.
SEC Chairman Gary Gensler recently said that Ethereum ETF likely to launch this summer. In an interview at the Bloomberg Invest Summit, he stressed the importance of rigorous review of the approval process to ensure compliance with all regulatory requirements. Gensler stressed that the process is intended to ensure that asset managers make full disclosures so that registration statements are effective.
Learn more: How to invest in Ethereum ETFs?
As the cryptocurrency market eagerly awaits the potential launch of the first Ethereum spot ETF, the strategic decisions of Bitwise and other issuers underscore the growing interest and confidence in Ethereum as a valuable investment asset. The successful listing of these ETFs could pave the way for further innovation and wider acceptance in financial markets, providing investors with new opportunities to engage with digital assets.
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