After approving the 19b-4 filing submitted by the Ethereum spot ETF issuer, the U.S. Securities and Exchange Commission (SEC) has reportedly requested the issuer to submit the amended S-1 filing by Friday. However, it may take several weeks for the S-1 filing to be approved, delaying the listing and trading of the Ethereum spot ETF.
Background: Will the approval of the Ethereum spot ETF usher in the altcoin season?
On the 24th, the U.S. Securities and Exchange Commission (SEC) approved the 19b-4 filing submitted by eight Ethereum spot ETF issuers. However, the issuers still need SEC approval for their S-1 filing before they can officially begin trading. Analysts suggest that it may take several weeks to several months for the approval process.
SEC requests submission of S-1 filing by Friday
According to the latest report from The Block, two sources have revealed that the SEC has requested Ethereum spot ETF issuers to submit the amended S-1 filing by Friday. After that, the SEC will provide initial comments, and both parties will make further modifications to the S-1 filing.
One source stated that the details of the seed funding are relatively simple for the issuers, but other aspects of the filing may take longer to resolve. The source expects that the S-1 filing will require at least two rounds of draft revisions to be ready.
Following the approval of the 19b-4 filing, VanEck immediately submitted the amended S-1 filing, and BlackRock followed suit on the 29th, indicating its plan to inject $10 million in seed funding. Grayscale also submitted the amended S-3 registration statement to convert its Ethereum Trust (ETHE) into an Ethereum spot ETF on the 30th.
Possibility of the Ethereum spot ETF launching in June
This week, Bloomberg ETF analyst Eric Balchunas estimated that the Ethereum spot ETF would be launched on July 4th, but there is also a significant possibility of an official launch at the end of June.
Discus Fish, the founder of digital asset custody solution provider Cobo, also predicted on the 24th that the S-1 filing for the Ethereum spot ETF could be approved in mid-June. However, some institutions believe that the listing may happen later, with Galaxy Digital predicting July or August, and JPMorgan predicting November. Nevertheless, Zaheer Ebtikar, co-founder of cryptocurrency hedge fund Split Capital, believes that a delay in the listing of the Ethereum spot ETF by the SEC would actually be beneficial for the rise of ETH, as it would give market participants time to acquire ETH before the potential inflow of ETF funds.
Regardless, based on various opinions, it is a fact that the Ethereum spot ETF will be launched in the second half of this year.