Key Points
- BlackRock becomes the first to update a key filing required to launch Ethereum ETFs, potentially leading to approval in June.
- Hashdex and Vanguard have withdrawn their applications or decided against launching spot Ether ETFs.
BlackRock Leads the Way
BlackRock, a major player in the financial world, has become the first to update a crucial document needed to launch Ethereum [ETH] exchange-traded funds (ETFs).
The United States Securities and Exchange Commission (SEC) had previously issued a directive for institutions interested in launching Ethereum ETFs, instructing them to update their 19b-4 and S-1 filings.
SEC Approvals and Withdrawals
The SEC had granted approval for rule 19b-4 forms for eight Ether ETF applications. These included submissions from BlackRock, Fidelity, Grayscale, ARK Invest, VanEck, Invesco Galaxy, and Franklin Templeton.
On May 29th, BlackRock updated its Form S-1 for its iShares Ethereum Trust (ETHA) with the SEC, a week after the regulator approved its 19b-4 filing.
Eric Balchunas, Senior ETF analyst at Bloomberg, commented on the development. Additionally, James Seyffart, research analyst at Bloomberg, stated that issuers and the SEC are working towards spot Ethereum ETF launches.
However, not every institution moved forward with the ETH ETF approval process. Hashdex, another issuer seeking approval for a spot Ether ETF, withdrew its application after the SEC’s approval.
Vanguard also displayed a similar pattern, as noted by Nate Geraci, President of The ETF Store.
Despite the current negative sentiments surrounding Ethereum, Jaret Seiberg from TD Cowen’s Washington Research Group recently noted that the ETH ETF approval was six months faster than expected. He added that the next step could be an ETF with a ‘basket of crypto tokens’.
As the final approval of the ETH ETF is awaited, the shifts in sentiment within the SEC, especially regarding SEC Chair Gary Gensler, who is known for his anti-crypto stance, will be interesting to observe.
