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According to Bloomberg Senior ETF Analyst Eric Balchunas, the US Securities and Exchange Commission (SEC) has asked potential ethereum exchange-traded fund (ETF) issuers to resubmit their S-1 forms. before July 8.
This would delay the launch of ethereum ETFs until mid-July or later, moving it away from its planned launch date of July 2. SEC chief Gary Gensler told the Senate last month that spot eth ETFs will be approved “this summer.”
The SEC has once again returned the forms, this time with “slight comments,” an issuer source told The Block. Issuers should address comments in the final round of reviews. The source added that this may not be the final filing, indicating there could be more rounds of back-and-forth between the SEC and issuers.
The approval of the S-1 forms is the second part of the process for launching the ethereum spot ETF. The first part involved the 19b-4 forms, which were given the green light by the SEC in May.
While there was a deadline for Form 19b-4s, there is none for Form S-1s. This means that the launch of spot eth ETFs will depend on how long it takes the SEC to review and approve Form S-1s and announce the final filing date.
The latest round of revision took place in June when issuers updated their registration statements.
The updates included Franklin Templeton disclosing its 0.19% sponsor fee. The issuer will also offer free trading for the first $10 billion in assets for six months.
VanEck updated its filing to disclose a 0.20% sponsorship fee. It intends to waive the fee for the first $1.5 billion in assets.
Some issuers also disclosed initial investments in the previous round. Invesco Galaxy announced an initial investment of $100,000 on June 17, in which the investor purchased 4,000 shares at $25 each.
Grayscale revealed a similar $100,000 investment for its ethereum mini trust, with the backer acquiring 10,000 shares at $10 each on May 31.
Fidelity's seed investor, FMR Capital, bought 125,000 shares at $37.99 each on June 4, bringing $4.7 million to the trust. BlackRock had previously reported $10 million in seed funding for its ETF.
