Chairman of the U.S. Securities and Exchange Commission (SEC) Gary Gensler recently stated that the final approval of the Ethereum spot ETF should be completed sometime this summer. In light of this statement, Bloomberg ETF analyst Eric Balchunas announced yesterday that the launch date of the Ethereum spot ETF has been moved up to July 2.
The SEC approved the 19b-4 trading rule change documents for 8 Ethereum spot ETFs on May 24, marking an important step towards the listing of Ethereum spot ETFs. The market is closely watching for when the SEC will approve the S-1 registration statement and officially list the Ethereum spot ETFs.
During a hearing at the Senate Banking Committee on the 13th, SEC Chairman Gary Gensler disclosed the expected timing of the final approval, stating that the SEC is expected to approve the S-1 registration application for the Ethereum spot ETF “at some point this summer.”
Previously, on the 6th, Gary Gensler indicated that the formal approval of the Ethereum spot ETF depends on the speed of response from the issuers to the SEC’s comments, suggesting that the SEC will not delay the approval process for the S-1 documents as some have feared. However, he did not reveal whether he believed the listing would still take weeks or months.
Bloomberg ETF analyst Eric Balchunas, in response to Gensler’s comments, announced yesterday that the launch date of the Ethereum spot ETF has been brought forward to July 2. He revealed that he had heard that the SEC had provided brief comments to the issuers on the S-1 documents, with no major issues, and requested a response within a week.
In response to this news, Deribit pointed out that the favorable news of the likely approval of the S1 documents has advanced the timeline for the launch of the Ethereum spot ETF and brought greater certainty, leading to a rapid rebound in ETH from $3360. Quick traders have already purchased bullish options expiring on June 21 with strike prices of $3500-3700, presenting an excellent opportunity to buy ETH calls.