Spot Ethereum ETF Launch Anticipated on July 18, Bloomberg ETF Analyst
Bloomberg ETF analyst Eric Balchunas predicted on X that July 18 would be the “best guess” for the spot Ethereum ETF launch.
This comes after the Securities Exchange Commission (SEC) issued S-1 amendments, which required companies to amend their registration statements and submit their applications.
Balchunas Notes Minimal Changes in Latest Filing
In the latest series of amendments filed by asset managers regarding spot Ethereum ETFs, Eric Balchunas described the changes as minimal, noting that there was “nothing to see here” in two of the earliest filings.
Because the SEC asked for the S-1s on July 8th but told issuers the fee wasn’t nec yet. They will give guidance back to issuers soon along with the game plan. Then the docs come will come back with fees (and every other blank) filled it and then it’s Go time. https://t.co/S4u8HaMckh
— Eric Balchunas (@EricBalchunas) July 8, 2024
The recent S-1 and S-3 amendments pertain to asset managers’ ability to issue ETFs. This differs from the 19b-4 filings that permit exchanges to list and trade these funds upon launch.
On Monday, VanEck initiated the wave of amendments by submitting an updated registration statement for its spot Ethereum ETF, renaming the product as The VanEck Ethereum Trust. This was promptly 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 substantial $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.
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Despite these updates, none of the filings on Monday disclosed the planned fees for the ETFs. Balchunas mentioned that the SEC had yet to mandate this information, suggesting that a final round of updates, including fee details, would precede the launch, after which “it’s go time.”
Companies Update ETH ETF Filings
Recent amendments have brought some minor changes. VanEck’s registration statement saw the removal of specific regulatory language regarding custody, particularly a section that described how Ethereum withdrawals would be managed through the fund’s chosen custodian.
In addition, other minor changes align with those made by Bitwise the previous week, reflecting the SEC’s stance on compliance within the crypto market. These sections emphasize SEC Chair Gary Gensler’s concern about inadequate protection for investors using crypto exchanges and highlight the 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 updated filing for its “mini” Ethereum ETF introduced a new section clarifying that none of the Ethereum in the product will be staked. This refers to the process where Ethereum tokens are delegated to the network in exchange for rewards.
Notably, none of the applications before the SEC include plans for Ethereum staking, and some applicants have preemptively removed related language from their proposals.
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