Key Points
- Ethereum ETF is nearing launch as issuers begin submitting amended S-1s.
- Analysts expect the products could be approved and launched by 4th July.
The launch of an Ethereum ETF is drawing closer as potential issuers begin submitting their amended S-1s (registration statements).
These are the final steps before the SEC gives their approval for launch.
Bitwise Takes the Lead
Bitwise, a digital asset manager and potential issuer, began this final step on 18th June.
They submitted their amended S-1 to the SEC, although the fee charges have not been included yet.
Bloomberg ETF analyst James Seyffart commented on this, stating that this filing from Bitwise is the first of the amended Ethereum ETF S-1s and will contain the changes from the SEC’s first round of comments.
He also mentioned that Pantera Capital, a crypto-focused VC firm, was planning to put $100 million into Bitwise’s Ethereum ETF product (ETHW).
Expectations and Predictions
Other issuers are expected to submit their amended S-1s in the coming days.
Seyffart noted that the amendments might not need additional changes but might require tweaks.
Along with his colleague, Eric Balchunas, Seyffart maintained that the products could be approved and launched by 4th July.
The SEC chair, Garry Gensler, recently confirmed that the approvals could be likely by summer.
Most market observers are expecting an approval by early July.
There have been differing views on the institutional demand for Ethereum ETF products.
Some have projected low demand since the products won’t have a ‘staking’ feature.
However, Ophelia Snyder, co-founder of digital asset manager 21Shares, argued that the lack of staking will not affect institutional demand.
She added that staking could affect liquidity, especially when the lock-up period is extended.
In the meantime, Ethereum was up +4% in the past 24 hours and traded at $3.54K.
Furthermore, Ethereum whales were on the move as they eyed the potential launch of the Ethereum ETF in early July.
