One week after the Ethereum spot ETF was officially approved by the SEC, financial institutions in the US have made important strides to promote the rapid implementation of the Ethereum spot ETF. But Vanguard investment fund still maintains its stance of saying no to Ethereum spot ETF.
Latest updates on Ethereum spot ETFs from BlackRock, Fidelity and Vanguard
BlackRock Updates S-1 Filing for Upcoming Ethereum ETF
The world's largest asset management company BlackRock has filed a complete S-1 filing for its Ethereum spot ETF, a week after the SEC approved the 19b-4 filings of eight Ethereum spot ETFs.
The S-1 filing is the registration statement that companies file with the SEC, which plays an important Vai in the process of listing ETFs. This is the second time BlackRock has filed an S-1 filing for its Ethereum spot ETF, the last time taking place in November 2023.
In the amended S-1 filing, BlackRock also said shares of the Ether ETF will be listed and traded under the ticker symbol “ETHA.”
Bloomberg ETF analyst Eric Balchunas called BlackRock's S-1 filing update a "good sign." He also expressed optimism that the S-1 filings of the remaining funds will also be filed soon. This analyst predicts that Ether ETFs will officially launch on July 4.
Good sign. Prob see rest roll in soon. Then prob one more round of fine-tune comments from Staff. End of June launch a legit possibility altho keeping my o/u date as July 4th https://t.co/WymshkTvat
— Eric Balchunas (@EricBalchunas) May 29, 2024
Another Bloomberg expert James Seyffart also expressed similar joy.
This is almost certainly the engagement we were looking for on the S-1's following the 19b-4 approvals. Issuers and SEC are working towards spot Ethereum ETF launches. https://t.co/xj3oyZvZEA
— James Seyffart (@JSeyff) May 29, 2024
Currently, the time needed for the SEC to approve the S-1 filing is still unclear. However, according to experts' predictions, the process could take several weeks in the context that the Democratic Party has shown its stance not to oppose cryptocurrencies. Therefore, there is no need to rush to speed up the process.
Sure but Longing shot. Unknown tho is if the Staff has been time to hurry this up. I doubt it since the political goal of Dems not appearing anti-crypto has already been achieved by simply not rejecting them. No real reason to rush
— Eric Balchunas (@EricBalchunas) May 29, 2024
Fidelity's Ethereum ETF appears on the DTCC website
The Ethereum spot ETF of leading US financial management group Fidelity has appeared on the website of Depository Trust and Clearing Corporation (DTCC) under the stock code FETH.
DTCC's website posts information about all ETF funds, including active funds and funds preparing to launch. Fidelity's Ether ETF is currently only on the list and has not yet started trading as the Create/Redeem section is currently marked as "N".
FIDELITY SPOT ETHEREUM ETF LISTED ON DTCC UNDER TICKER $FETH pic.twitter.com/bsQKz0YuNO
— Phoenix » PhoenixNews.io (@PhoenixTrades_) May 29, 2024
DTCC, established in 1999, is an American financial services organization specializing in providing payment and clearing solutions for financial markets.
However, appearing on DTCC does not guarantee that FETH will be approved by the SEC. But this move shows a positive sign that Ether ETFs will soon be listed. Recently VanEck and Franklin Templeton's Ether spot ETF also appeared on DTCC.
Vanguard "says no" to Ethereum spot ETF
In the context of cryptocurrencies receiving strong support from both the government and the community, there are still organizations that firmly say "no" to Ether ETFs. For example, Vanguard has $7.7 trillion in assets under management (AUM).
Vanguard representative said:
“We continuously evaluate our portfolio and XEM new products launching to the market, but Ether spot ETFs will not appear on Vanguard's platform.Cryptocurrency products do not fit into Vanguard's portfolio as the company currently focuses on assets such as stocks, bonds and cash, which Vanguard considers the foundation of a balanced portfolio , Castle."
For many people, this is not a surprising move because Vanguard previously made a similar decision regarding the Bitcoin spot ETF in January 2024 .
In a surprising development, Salim Ramji, head of BlackRock's iSHARES ETF division, will take over as CEO of Vanguard in July. The community hopes this organization can be more open to crypto under the leadership of the new CEO.
Salim Ramji, the man who oversaw BlackRock's spot BTC ETF launch, became the CEO of crypto-skeptical TradFi giant @Vanguard_Group yesterday
— Bankless (@BanklessHQ) May 16, 2024
Is Vanguard about to turn bullish on crypto?… pic.twitter.com/1SRe6e3oBd
Ramji has expressed a desire to help users access crypto more easily, but he also needs to maintain "consistency" in the types of products and services that Vanguard is providing.
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