Ethereum Spot ETF Launch Expected July 18, Bloomberg ETF Analyst Says

Bloomberg ETF analyst Eric Balchunas predicted on x that July 18 would be the “best guess” for the launch of the ethereum spot ETF.

This comes after the Securities and Exchange Commission (SEC) issued S-1 amendments, which required companies to amend their registration statements and file applications.

Balchunas warns of minimal changes in his latest presentation

In the latest round of amendments submitted by asset managers regarding ethereum spot ETFs, Eric Balchunas described the changes as minimal, noting that there was “nothing to see here” in two of the early filings.

<blockquote class="twitter-tweet”>

Because the SEC requested the S-1 forms on July 8th, but told issuers that the fee was not yet necessary. They will soon give issuers guidance along with the action plan. Then the documents will come back with the fees (and all the other blanks), they will fill it out and then it will be time to act. https://t.co/S4u8HaMckh

— Eric Balchunas (@EricBalchunas) twitter.com/EricBalchunas/status/1810415589317624137?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>July 8, 2024

The recent S-1 and S-3 amendments address the ability of asset managers to issue ETFs. This differs from 19b-4 filings that allow exchanges to list and trade these funds at the time of their launch.

On Monday, VanEck kicked off the wave of changes by filing an updated registration statement for its spot ethereum ETF, rebranding the product as The VanEck ethereum Trust. This was quickly followed by 21Shares, which also filed a new registration for its spot ethereum ETFs.

Grayscale joined the trend with two amended filings: one for its sizable $28 billion Grayscale ethereum Trust and another for a more cost-effective “mini” version of the trust. Franklin Templeton, Fidelity and BlackRock also filed amended registration statements for their respective spot ethereum ETFs.

Despite these updates, none of Monday’s filings disclosed the planned fees for the ETFs. Balchunas mentioned that the SEC had not yet mandated this information, suggesting that a final round of updates, including fee details, would precede the launch, after which “it’s time to go.”

Companies update eth ETF filings

Recent amendments have brought some minor changes. VanEck’s registration statement removed specific regulatory language about custody, in particular a section that described how ethereum withdrawals would be managed through the fund’s chosen custodian.

Additionally, other minor changes coincide with those made by Bitwise last week, reflecting the SEC’s stance on regulatory compliance in the cryptocurrency market. These sections emphasize SEC Chairman Gary Gensler’s concern about inadequate protection for investors using cryptocurrency exchanges and highlight potential implications for securities laws.

Similarly, 21Shares included disclosure language in its amended registration statement regarding the SEC's regulatory efforts and other minor details.

Grayscale’s filing update for its “mini” ethereum ETF introduced a new section clarifying that none of the product’s ethereum will be staked. This refers to the process in which ethereum tokens are delegated to the network in exchange for rewards.

Notably, none of the applications filed with the SEC include plans for ethereum staking, and some applicants have preemptively removed related language from their proposals.

<!– ai CONTENT END 1 –>