Bitwise, an asset management firm, has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) for its proposed Ethereum exchange-traded fund (ETF), just days ahead of its July 8 deadline. This move indicates that the launch of Ethereum ETFs might be imminent.
The updated registration form, submitted on Wednesday, comes amid speculation that these products could be ready for listing within the next two weeks. Despite the lack of a final approval date from the SEC, sources close to the situation suggest that the agency could greenlight the ETFs by the end of next week.
Bloomberg ETF analyst James Seyffart shared on Twitter, “We’ve got another amended S-1 from @BitwiseInvest for their #Ethereum ETF. Expect more from other issuers throughout the rest of the week. We’re thinking these things could potentially list later next week or the week of the 15th at this point.”
The SEC approved 19b-4 forms for eight spot Ethereum ETFs, including Bitwise’s, on May 23. However, issuers still need their S-1 statements to become effective before trading can commence, as part of a two-step approval process.
Eric Balchunas, a senior Bloomberg ETF analyst, expressed frustration over the SEC’s delay, noting, “No one really knows why the SEC is taking their sweet time with these, given how light comments were, these could have easily been trading by now. Could be one ‘problem’ issuer slowing down the process or just summertime lazy/ppl on vaca. Not sure.” He remains optimistic, adding, “All indications launch still on for this month. More details to come next week.”
Earlier reports by The Block indicated that the SEC had returned S-1 forms to several Ethereum ETF issuers with minimal comments, suggesting that the final round of feedback might be complete.
In its latest filing, Bitwise introduced a new clause stating that it will waive the sponsor fee for the first $500 million in assets. However, the firm has yet to disclose what the fee will be after this initial period. Following suit, VanEck also announced it would waive fees at the outset.
The launch of a spot Ethereum ETF is anticipated to significantly impact the crypto market. Industry experts, including Ryan Lee, Chief Analyst at Bitget Research, have noted the growing demand for such products. The SEC’s approval process remains a critical hurdle, with Gary Gensler, the SEC Chairman, recently stating that the spot Ethereum ETF could launch this summer, contingent on rigorous scrutiny to ensure full compliance with regulatory requirements.
