Bloomberg Analyst Predicts June Launch Date for ETH Spot ETFs

Eric Balchunas, senior ETF analyst at Bloomberg, has predicted that the launch of ethereum spot ETFs could occur by the end of June.

The latest forecast follows the recent one from BlackRock amendment to its filing of Form S-1 for iShares ethereum Trust, filed with the Securities and Exchange Commission (SEC) on May 29.

This update came nearly a week after the SEC approved BlackRock's 19b-4 filing, both essential steps for the ETF to begin trading.

“Good sign. We will (probably) see the break soon,” said Balchunas in an x publication on May 29.

Balchunas indicated there could be another round to “fine-tune” the SEC's comments, but he believes a “late June release is a legitimate possibility.” However, he maintained his approval chances for around July 4, noting that an earlier approval would be a “long shot.”

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James Seyffart, Bloomberg ETF Analyst x.com/JSeyff/status/1795933440090452413″ target=”_blank” rel=””>echoed Balchunas' sentiments, suggesting that BlackRock's updated S-1 demonstrates significant engagement between issuers and the SEC, indicating progress toward timely ethereum ETF launches.

BlackRock's amended S-1 included details about its initial equity investor – the entity funding the ETF's initial trading activities.

On May 21, an affiliate of BlackRock, acting as an initial equity investor, agreed to purchase $10,000,000 in stock, receiving 400,000 shares at a price of $25.00 per share, according to the filing.

The ETF will be listed and traded under the symbol “ETHA.”

On the same day, Hashdex withdrew its bid for a spot Ether ETF, despite its approval by the SEC along with BlackRock and seven other issuers.

Analysts predict that these ETFs will take eth to new highs, and some speculate that Wall Street will use them as a bet on web3's growth.

“The US Securities and Exchange Commission (SEC) green light for Ether spot ETFs is a watershed moment for the crypto industry. It builds on the success of bitcoin ETFs and offers a secure and regulated way for investors to access Ether. This broader acceptance will drive mainstream adoption and reflect a mature regulatory environment, paving the way for greater legitimization of the entire digital asset space,” Sumit Gupta, co-founder of CoinDCX, told crypto. news in a previous statement.

“bitcoin rose to over $73,000 from $42,000 in the two weeks after the ETF began trading on January 11… Similarly, it is anticipated that an Ether (eth) spot ETF could fuel a rally (of ethereum) of up to 60%,” he stated. aggregate.

However, some analysts speculate that eth could face price pressure as the Grayscale ethereum Trust (ETHE) could see $110 million of average daily outflows for weeks after it is converted and its discount narrows.