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Bloomberg ETF analyst Eric Balchunas said the twitter.com/EricBalchunas/status/1795934675380109479″>May 30 that US ethereum spot ETFs could launch in June amid updated filings from BlackRock and Grayscale.
Balchunas said there is a “legitimate chance” that ethereum spot ETFs will launch in late June. He added that an earlier launch in mid-June was a “long shot.”
Balchunas said the latest date he expects to launch the products would be July 4.
Balchunas' expectations are influenced by the timing of issuers' S-1 filings. He commented on BlackRock's May 29 S-1 amendment, which he noted did not include a fee or other vital data, making it a “near-final version.”
Grayscale also filed an S-3 amendment to its fund on May 30, updating the fund to reflect a clear prohibition on gambling.
Both statements mark one of the last necessary steps before the funds can begin trading.
Politics are at play
Balchunas' expectations regarding the launch date are related in part to the SEC's alleged political motivations for the funds.
Balchunas argued that the SEC's initial approvals have met political needs and wrote:
”…The political objective of not appearing anti-crypto has already been achieved by simply not rejecting (ETFs). There is no real reason to rush.”
Other industry members, such as Ark Invest CEO and CIO Cathie Wood and Coinbase institutional research analyst David Han, have similarly argued that the SEC approved the funds for political reasons.
More incoming S-1 filings
The Block reported that the SEC has asked other applicants to submit draft S-1 filings by May 31, after which the SEC will issue its first round of comments.
Each applicant will then submit further amendments in response if necessary.
As of press time, all eth issuers have filed S-1 or S-3 registration statements. However, aside from BlackRock and Grayscale, only VanEck has filed amendments since the SEC granted initial approvals for ETFs with exchange rule changes on May 23.
Balchunas' fellow Bloomberg ETF analyst James Seyffart believes it will take weeks or months for the SEC to approve the S-1 filings.
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